Koch unit buying interest in Guardian
AUBURN HILLS, MICH. — Guardian Industries Corp., the parent company of injection molder SRG Global Inc., has agreed to sell a minority interest to a subsidiary of Koch Industries Inc.
Guardian, based in Auburn Hills, would sell part of its shares to KGCI LLC, a Wichita, Kan.-based unit of Koch.
Koch's other investments include ownership of Georgia-Pacific Corp. of Atlanta, which makes wood products used extensively in the construction industry.
Guardian's major business is in glass used in the construction and auto industries. SRG is a subsidiary that specializes in plated plastics for auto trim.
The deal is scheduled to close by the end of this year, Guardian said in an Oct. 4 news release.
Ratings analysts with both Moody's Investors Service and Standard & Poor's Financial Services LLC placed Guardian on ratings watch for review with negative implications following the announcement.
Moody's said its review will focus on the potential for capital structure changes, potential strategic changes and Guardian's liquidity profile. Moody's currently rates Guardian as Baa 1/P-2, noting its historically low debt-to-capitalization ratio, conservative financial policies, global diversification and strong market placement.
Ply Gem to add jobs, improvements in Va.
CARY, N.C. — In a sign that the North American housing market is starting to recover from the Great Recession, Ply Gem Industries Inc. is adding jobs and investing in manufacturing improvements at its Rocky Mount, Va., profile extrusion plant.
The plant, part of Cary-based Ply Gem's window and door products business, will add 200 jobs by the end of 2014, bringing the total there to 1,100.
Manufacturing improvements will include new extrusion tooling, equipment, products and information technology, said Lynn Morstad, president of Ply Gem Windows.
The investment will support growth from the recovering housing market, Morstad said.
The Rocky Mount plant opened in 1939 and was acquired by Ply Gem in 2004. In 2009, as the North American construction market took a nosedive, Ply Gem moved all of its window extrusion operations to Rocky Mount.
The company will receive grants from the Virginia Tobacco Indemnification and Community Revitalization Commission, Franklin County and the town of Rocky Mount. The company also is receiving assistance from the Virginia Jobs Investment Program through the Virginia Department of Business Assistance.
Teknor Apex's Victor Baxt dies at 95
PAWTUCKET, R.I. — Victor Baxt, chairman of Teknor Apex Co., died Oct. 7 at age 95.
In an Oct. 10 news release, officials with Pawtucket-based Teknor described Baxt as “a key figure in transforming Teknor Apex into a leading polymer company.”
Baxt also was esteemed in his native Rhode Island as a philanthropist and civic leader, officials said.
He was a college friend of Norman Fain — son of Teknor founder Alfred Fain — and joined the firm in 1946. Teknor entered the plastics market in 1949, when it first produced PVC compounds.
Fain, Baxt and Herbert Malin “were partners in leading the transformation of the company from a business focused on the tire and rubber market to a diversified plastics enterprise,” officials said. Teknor today employs more than 2,000 worldwide and has annual sales of more than $600 million.
Baxt served on the board of trustees of Miriam Hospital in Providence, R.I., and on many committees for that institution. He was a longtime supporter of the University of Rhode Island and established an endowed scholarship there for undergraduate students of chemistry and chemical engineering.
Also at URI, Baxt founded the Victor Baxt Chair in Polymer Engineering, and supported construction of new facilities at the university, which awarded him an honorary doctorate in 2011. He was an active member of the Jewish community in Providence, serving on the boards of a number of organizations.
Baxt was a graduate of URI and of Duke University. He is survived by his wife, Gussie, and two sons.