Macro Engineering sold to Chinese machinery supplier

(Plastics Today) -- Macro Engineering & Technology Inc. (Mississauga, ON) has been sold by its shareholders to DXS International Enterprises Inc., a Canadian corporation owned by the publicly traded Chinese company, Dalian Rubber & Plastics Machinery Co. Ltd.

Macro, which was founded in 1978, supplies systems, components, and services to the plastic film and sheet industries. Dalian Rubber & Plastics Machinery, which trades on the Shanghai stock exchange, manufactures blown film extruders, calendar systems, and pelletizing lines, selling into China and exporting.

In a release, Macro said that it will continue to operate autonomously and will retain its key management personnel and operational structure. The company also said that its acquisition will allow it to accelerate a previously planned expansion of its Canadian manufacturing and R&D facility in Mississauga that was already underway.


Nuova Pansac to get ┬40m restructuring loan

(PRW) -- Milan's Civil Tribunal this week approved a debt restructuring plan at troubled Italian extrusion company Nuova Pansac. This should clear the way for a loan to the company of some ┬40m that will enable it to restart production at several sites that have only been ticking over for several months.

Nuova Pansac is a major supplier of breathable films for hygiene applications and other specialist applications. But earlier this year it reported debts that one source put at close to a quarter of a billion euros. New management has been brought in, and the company's owner, Fabrizio Lori, now has little say in how it is run.

Until it ran into trouble, Nuova Pansac employed around 850 people, but that number will now be reduced substantially, possibly by close to one half. Nuova Pansac's business operations will be put into a new company, Pansac International, while the old company will act as a holding with most of the debt. Management intends to pay this off progressively, largely through sell-offs of non-strategic assets.


PTT to expand its petrochemical and refining businesses

(Plastemart) -- PTT is eyeing the deep-sea port planned for Tavoy on Burma's southern coast as an opportunity for expansion of its petrochemical and refining businesses in the long term, replacing the current facility on the Southern Seaboard.

Since the Thai major's plans for domestic expansion of the businesses has met with legal hurdles and resistance from the local community, PTT plans to seek a new facility for investment expansion. The deep-sea port in Tavoy (known as Dawei) seems like a possible long term option which could take at least 10 years to develop.

Tavoy offers the advantage of its relative proximity to Thailand, is home to few Thai residents, and is suitable for both deep-sea development and an industrial estate.

Establishment of the Asean Economics Community in 2015 will also support plant relocation in the region. However, until the Burmese government has a clear policy of welcoming foreign investment without interference, investment in this region would not be possible.

PTT's five-year investment plan is at a budget of more than Bt1 trillion.


IPIC to acquire businesses through its Borealis AS plastics unit

(Plastemart) -- Abu Dhabi's state company with petrochemical holdings - International Petroleum Investment Co. plans to acquire businesses through its Borealis AS plastics unit. In its drive to expand internationally through mergers and acquisitions, IPIC's acquisitions in 2009 included Canada's Nova Chemicals Corp. and 47% stake in Cia Espanola de Petroleos SA, Spain's second-biggest oil producer.

The United Arab Emirates and other Middle Eastern oil producers are boosting petrochemicals output to take advantage of their access to comparatively cheap crude and natural gas feedstocks. The producers are also developing new industries capable of using crude, gas and refinery byproducts.

IPIC, through Borealis, is a partner with state-run Abu Dhabi National Oil Co., known as Adnoc, in petrochemical producer Borouge. That company has built its second ethane cracker and is now working on a third, which it expects will produce 2 million tons of petrochemicals next year.


Solegear Bioplastics recognized as green business

(Plastics News) -- Bioplastic supplier Solegear Bioplastics Inc. recently received the 2010 Best Green Business award from the Canadian Youth Business Foundation. Solegear Bioplastics makes Traverse-brand biocomposites made from natural fibers ≈ wood, hemp, bamboo and rice husk ≈ and recycled or prime polypropylene or other resin. It also makes Polysole-brand material, which is made of 100 percent biodegradable materials.

Vancouver-based Solegear was founded in 2006. The Canadian Youth Business Foundation and the Small Business BC provided initial funding for the company. Solegear has developed a suite of proprietary, energy efficient, non-toxic, biodegradable plastics. From the feedstock to additives to processing and coatings, Solegear maintains a focus on green chemistry and full biodegradability to ensure a healthy and renewable product life cycle.