Corporate News

TIMET/IMI MERGE

U.S. titanium producer Timet, Denver, has agreed to merge with United Kingdom-based IMI. According to the agreement, which was not finalized at press time, IMI will transfer all its titanium interests to Timet in exchange for shares in the company. The new Timet will be 45 percent owned by Tremont Corp. (Timet’s current holding company), 45 percent by IMI and the remainder by Union Titanium Sponge Corp., minority shareholder. Landis Martin, the current Timet chairman, CEO and president will continue in his role with the company.

AUTO RECYCLERS OPENS IN HOUSTON

Auto Recyclers Inc., Fort Worth, Texas, has opened a new facility in Houston called Auto Recyclers of Houston. Auto Recyclers sells used auto parts and specializes in serving the insurance collision repair, automotive service and used car markets. Company officials say that the entry into the Houston market was made after a detailed analysis indicated a highly fragmented auto part marketplace.

“Our study showed a great opportunity for an operation that has refined the inventory control and distribution systems like we have,” says one company official. “And Houston is one of the nation’s largest automotive aftermarkets.”

ROCK-TENN ACQUIRES NOR-MAC FIBERS

Nor-Mac Fibers Inc., a recovered fiber operation in Cincinnati, has been purchased by Rock-Tenn Co., Norcross, Ga. The former Nor-Mac plant will now operate as Rock-Tenn Recycling-Cincinnati. Nor-Mac is an established recovered fiber paper operation that also handles aluminum, steel and plastic. Rock-Tenn plans to continue to do business in these same areas, and add to the plant’s recycling capabilities with the installation of new equipment. The plant will serve customers throughout the region, including the company’s 100 percent recycled paperboard mill in Cincinnati.

HARMONY TO EXPAND BALER, COMPACTOR PLANT

Harmony Enterprises, Harmony, Minn., is expanding its manufacturing plant located in Harmony to increase production space to 55,000 square feet. The added space is needed to accommodate the manufacturing of several new equipment models, including the company’s new 7-foot vertical baler. Harmony makes GPI balers and compactors.

DUPONT NAMES PREFERRED EQUIPMENT DEALER

DuPont Films Enterprise, Arden, N.C., has named Safetyloid Reclaiming Co., with operations in Lawrence, Mass., and Providence, R.I., as the only preferred DuPont authorized dealer for DuPont’s silver recovery equipment and polyester film recycling programs in New England. As such, Safetyloid is the only authorized company in that region to offer DuPont’s hazardous waste liability indemnification program.

Under current Superfund laws, any individual or company found disposing of silver film improperly or transporting spent cartridges is potentially responsible for retroactive cleanup costs.

Through DuPont, Safetyloid indemnifies against mishandling of the material to be recycled and guarantees customer compliance with all federal, state and local laws.

FLORIDA STEEL INCOME IS DOWN

Florida Steel Corp., Tampa, Fla., reported net income of $3.8 million for the quarter ending Sept. 30, 1995. For the same quarter last year, company net income was $5.2 million. The company attributes some of its income decrease to higher scrap prices and lower steel prices.

“Steel demand remained at reasonable levels during September; however, abundant industry inventory levels have recently led to declining steel prices,” says Phillip Casey, chairman and CEO of Florida Steel. “As we head into the slower seasonal demand period, prices are likely to remain under competitive supply pressure. Florida Steel will also be faced with start-up costs of major capital projects at the Jackson, Tenn., and Charlotte, N.C., mills in the second half of the year.”

MARTIN COLOR-FI TO ADD NEW FIBER LINE

Martin Color-Fi Inc., Edgefield, S.C., is installing a new production line for the manufacture of fine denier solution dyed polyester fiber. “The new line will greatly enhance our diversity of product mix in fibers for automotive and industrial fabrics, nonwovens, home furnishings and apparel,” says Henry Poston, company president. Martin Color-Fi produces polyester fibers and pellets from recycled plastics.

WELLMAN REPORTS INCREASE IN EARNINGS

Wellman Inc., Shrewsbury, N.J., reported net earnings of $65.5 million for the first nine months of 1995, compared to $44.7 million for the same period last year. The company attributes its solid performance to an increase in sales and profitability of PET packaging resin, stemming from strong demand, higher selling prices and a large expansion of production capacity.