Volume 44, Issue 12 - December 2009

CompanyNews

 

Fletcher-Terry Co. Files for Chapter 11 Bankruptcy

The Fletcher-Terry Co. in Farmington, Conn., a manufacturer of glass fabrication tools, filed for Chapter 11 bankruptcy on October 27.

In a Statement of Financial Affairs filed on November 20, the company reported assets of $2 million in real property and $4.8 million in personal property. However, the company also reported that its secured creditors have claims of $4.1 million, and unsecured claims against it total more than $430,000. This amounts to $6.8 million in assets, and liabilities of $4.6 million, according to the statement.

Among the creditors holding its largest unsecured claims are:
• iSun International Group - owed $350,000.00;
• McKim Group - owed $ 34,712.15; and
• MSC Industrial Supply Co. - owed $6,906.96.

Though the sale of the company’s assets has not yet been approved or finalized, the company has motioned that the sale of its assets to FTCO Acquisition LLC and iSun International Group LLC be approved by the court as part of its liquidation strategy. The proposed purchase price for its assets is approximately $1.8 million, according to court documents filed in the case.

According to court documents, “Since the Petition Date, the Debtor’s management has invested considerable time and effort evaluating various alternatives designed to maximize value for the estate. After careful consideration of these options and cognizant of its fiduciary duty to creditors, management has determined that the sale of the Debtor’s business as a going concern is the only feasible alternative for the estate at this time and a sound exercise of the Debtor’s business judgment.”

The documents further state, “The Debtor is authorized and directed to change the Debtor’s name as of the Closing pursuant to the terms of the Asset Purchase Agreement from The Fletcher-Terry Company to FTC Liquidation, LLC, and the name of Debtor’s subsidiary, The Fletcher-Terry Export Corporation (“Subsidiary”) to any name that does not include Fletcher-Terry. Debtor and its Subsidiary shall make no further use of the Fletcher-Terry name after the Closing on the Sale of Assets, except to the extent required by this Court, or as reasonably necessary and agreed upon by the Proposed Buyer …”
www.fletcherviscom.com

Bohle America Opens New Warehouse and Office
Charlotte, N.C.-based Bohle America relocated to a new warehouse and office facility in November. The company also contracted for in-built expansion options within the 110,000-square-foot facility in order to ensure the company can fully exploit its development plans for both the product lines and employees.

“Having moved our UK operation four times in 10 years due to our growth, I didn’t want to repeat that exercise too often in the USA,” says Gary Dean, chief executive officer, “so this opportunity to built-in expansion capacity was important to us.”
www.bohleamerica.com


Vitro America Expands Operations at Grenada, Miss., Facility
Memphis-based Vitro America announced last month that it will consolidate the production of safety glass and storefront metal systems into an in-house operation at its Grenada, Miss., manufacturing facility. Previously, the company outsourced production of its storefront metal systems.

The company has invested $1.2 million in new equipment to facilitate these new operations and will create 20 new jobs over the next three years. The Grenada facility currently employs approximately 100 workers.

The Mississippi Development Authority (MDA) provided the company with $135,000 in Development Infrastructure Program funds for facility improvements, and the City of Grenada provided $15,000 in matching funds for the project.
www.vitroamerica.com

Greg Carney Launches Consulting Firm
Greg Carney, who had left the Glass Association of North America (GANA) after serving as its technical director for the past decade, announced in early November the launch of his new company, C.G. Carney Associates. The company will provide architectural glass and glazing design, application and evaluation consulting services to building owners, developers, architects, engineers, general contractors, glazing contractors and glass manufacturers and fabricators. Carney also will provide consulting services to GANA.

His career in the flat glass industry spans more that 28 years and has focused on technical applications of architectural glass. The new company will provide independent technical expertise in architectural glass and glazing applications.

Glaston Adjusts Operations “in Line with Market Situation”

Finland-based Glaston Corp. has begun negotiations over the restructuring of its operations to correspond to the market situation. The plan includes adjustments to production capacity, the optimization of the product range and simplification of the sales organization. The maximum number of jobs to be reduced is around 400, of which around 50 will be in Finland. The company currently employs around 1,200.

“No immediate recovery is in prospect within the glass processing machine markets. In this situation, we are seeking permanent improvements by restructuring our business operations without jeopardizing our delivery performance or customer service,” says Arto Metsänen, president and chief executive officer.

According to the announcement, upon implementation the above mentioned measures would give additional cost savings of around $17.8 million USD (12 million EUR) per year, occurring mainly during the first half of 2010. One-off costs associated with these measures would amount to a maximum of $14.8 million USD, booked in the final quarter of 2009.
www.glaston.net

 





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