Volume 45, Issue 9 - September 2010

CompanyNews

Casso-Solar Corp. “Closes;” Reinvents Itself

After nearly 50 years in business, the glass machinery supplier Casso-Solar Corp. in Pomona, N.Y., has closed—and Casso-Solar Technologies has opened.

According to a letter sent to unsecured creditors from Casso-Solar Corp.’s attorney, Barton Nachamie with the firm Todtman, Nachamie, Spizz & Johns, P.C., “In fiscal 2008 the company lost in excess of $447,000 in operations. Although the final figures for 2009 have not been compiled the loss is expected to be significant. The company has exhausted all reasonable avenues in seeking capital; it has been unable to obtain new investment from third parties and the owners have limited personal resources at this time.”

USGlass spoke to Nachamie and inquired as to why Casso-Solar chose not to file bankruptcy.

“There was no reason [to file bankruptcy],” Nachamie said. “Unfortunately for creditors, the bank had a first lien on the assets and they have seized those assets … Casso-Solar is closed and its assets are being sold.”

Those assets were purchased by the company restructured as Casso-Solar Technologies LLC. According to a news release issued by the new company, Douglas Canfield, president of Casso-Solar Technologies LLC, has structured the company with strategic partners for engineering and manufacturing. The engineering and fabrication have been moved from Pomona, N.Y., to facilities in New Jersey, Pennsylvania, Ohio and Minnesota.

The release notes that Casso-Solar Corp. was affected by the decline in the economy resulting in major reductions in the purchase of custom capital equipment, as well as significant unpaid accounts receivable. This combination ultimately led the company to turn its assets to the secured lender as partial payment of the outstanding debt. No funds were left to pay unsecured creditors. Casso-Solar Technologies says that it will provide the products and services to the former customers of Casso-Solar Corp.

Alcoa Completes Traco Acquisition

Alcoa has completed the acquisition of Traco; the commercial door and window manufacturer is now part of Alcoa’s global Building and Construction Systems business. Terms were not disclosed.

“We are excited about the growth potential that Traco brings to Alcoa,” says Glen Morrison, president of Alcoa Building and Construction Systems. “Together we will offer our expanded customer base a comprehensive product portfolio to help them meet increasingly complex commercial construction requirements.”

TRACO, founded in 1943 as the Three Rivers Aluminum Co., employs 650 people at its 1 million-square-foot headquarters and manufacturing operation in Cranberry Township, Pa.
www.alcoa.com

National Enclosure Co. and MERO Structures Announce a Strategic Alliance
National Enclosure Co. LLC (NEC) in Pontiac, Mich., has formed a strategic business alliance with MERO Structures Inc., the new U.S. division of German-based MERO-TSK, a company with international experience in the design, engineering and development of advanced facades and structures. Together, NEC and MERO Structures will pursue opportunities to provide technologically-advanced structures and facade systems in the United States to commercial developments.

The first official joint effort for this new strategic business alliance will be the Cleveland Museum of Art’s Phase II renovation and expansion, a contract valued at $ 7 million. NEC was involved with Phase I renovations reporting to Panzica/Gilbane, the construction manager for this project, and MERO-TSK was a supplier to NEC. Moving into Phase II initiatives, the partners of the new strategic alliance are working as one team to execute the museum’s renovation.
www.nationalenclosure.com

GANA Moves into New Headquarters
The Glass Association of North America (GANA) moved its headquarters in early July to the 15th floor of an office building in downtown Topeka, overlooking the Kansas State Capitol building. The new address is 800 SW Jackson Street, Suite 1500 Topeka, KS 66612. According to the announcement, the move by GANA’s management company, Centric Management and Consulting (formerly Association Services Corp.), will save the association money in the long run, while offering more in-house benefits to GANA as well.

“The new office will allow us to expand the types of services we offer to GANA and other clients,” says GANA executive vice president Bill Yanek. “We can now host events in-house, we are in the process of building a video studio for podcasts and educational presentations and many more features are being developed.”

In addition to the picturesque views from the office, glazing donated by GANA members also is featured in the new headquarters.
www.glasswebsite.com

briefly...
Hartung Glass Industries (HGI) has announced that its Seattle and Sacramento locations are now Guardian Select Fabricators offering SunGuard advanced architectural glass products … Dow Corning Corp. announced the launch of its new construction industry webpage at www.dowcorning.com/imagine

USG
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