23.12.2009 | Lesedauer: ca. 3 Minuten |
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[Die folgende Meldung liegt nur in englischer Sprache vor]
As part of its strategy to strengthen its manufacturing and marketing presence in the NAFTA market, RadiciGroup Plastics has confirmed that it has entered into a “stalking horse” Asset Purchase Agreement to acquire the American compounder MDE, subject to a Section 363 bankruptcy auction. The Group is also evaluating other potential acquisitions in that market, in addition to MDE. The RadiciGroup Plastics Area — engaged in the production and sale of PA 6 and PA66 engineering polymers and copolymers (Radilon® - Radiflam®), PBTs (Raditer®) and TPEs (Heraflex®) in the United States — has confirmed its $5.7 million Section 363 Asset Purchase Agreement to acquire Wadsworth, Ohio-based compounder Michael Day Enterprises, Inc. (MDE), which has filed for Chapter 11 bankruptcy. Additionally, RadiciGroup has affirmed that this is just one of the business opportunities it is evaluating as part of its strategy to acquire market share and strengthen its position in the American market. The MDE Asset Purchase Agreement, pursuant to Section 363(b) of the United States Bankruptcy Code, is subject to an auction to be held early next month, in which RadiciGroup will be the “stalking horse” bidder, i.e., the preferred buyer. However, this position does not guarantee that the transaction will be carried out. The Agreement provides for the acquisition of MDE with all its tangible and intangible assets, together with a series of continuity guarantees — business operations continuity, location continuity and job retention — for a significant time period. Official confirmation of the Section 363 sale outcome will be given shortly after the public auction scheduled on 8 January 2010. Operating in the United States since 1998 through its subsidiary Radici Plastics USA — a production and sales unit whose 2009 sales are expected to climb 20% compared to 2008 —, RadiciGroup is now examining new growth and investment opportunities in the NAFTA area. Of primary interest is increasing market share in the US automotive sector, where, thanks to the concept of lowenvironmental-impact cars, new prospects are arising for design and manufacturing processes more and more like those in Europe. On account of the green politics promoted by the new American administration, there is a good probability that the automotive market will see a series of important changes, among which the trend towards lighter vehicles and electric cars, with more emphasis on plastic components. And the RadiciGroup Plastics Area has the products for these automotive uses, as well as for electric/electronic and industrial applications: a complete range of PA6 and PA66 engineering polymers and copolymers, PBTs and thermoplastic elastomers. RadiciGroup plans to continue backing these market segments by offering quality, efficiency and fullservice customer care. More Information: www.radicigroup.com |
RadiciGroup, Gastonia (NC), USA
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