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Polymer Packaging sells off extrusion businessJust six months after its open house, marking the grand opening of its new headquarters and the company’s expansion of its extrusion business, Polymer Packaging is now putting that business unit up for sale, citing rising costs.
The company intends to lay off up to 20 employees and has put theextrusion side of its business and assets, which includes a $23 millionbuilding in Massillon, OH, up for sale. Larry Lanham, president and chiefexecutive officer, points to the rising cost of plastic materials and the loss ofWal-Mart as a customer as major factors in its business decision. The discount chain had accounted for 10 percent of the company’s business.
“I don’t see any other option,” Lanham said of his decision to sell part of the 22-year-old company’s business, which posted $50 million in revenue in 2007.
“We put everything we could into the endeavor,” he said. “It’s not a reflection on the employees or on the efforts. They can rest easy knowing everyone did everything they could to possibly make it a success.”
The company has 85 employees at its Massillon facility. The company plans to refocus on its converting and brokerage businesses.
Flint creates global business unitFlint Group will form a new global business unit called Flint Group Flexographic Products. It combines the Flint Group Printing Plates activities with the rotec sleeve business, which was included in the Flint Group acquisition of Day International in 2007.
Flint Group Printing Plates is a leading supplier of photopolymer plates for flexography and letterpress, and rotec is known as the number one supplier of sleeves and adapter systems for flexo applications.
“The new business unit is a logical step following the acquisition of Day International in 2007 in order to create real added value from the combined businesses,” said Charles Knott, CEO Flint Group. “This is what our customers expect from us.”
Thomas Telser was appointed President of Flint Group Flexographic Products, and Mario Busshoff was appointed Vice President of Marketing Management.