Huronia Precision Plastics shuts down
Midland, Ont.-based Huronia Precision Plastics Inc., an injection molding plant that manufactures plastic for the a...
October 1, 2008 by Canadian Plastics
Midland, Ont.-based Huronia Precision Plastics Inc., an injection molding plant that manufactures plastic for the automotive industry, has been placed in receivership, with approximately 80 jobs lost in the process.
Operations at the plant have ceased, according to general manager John Mooradian.
The closure is the result of the slumping automotive market, Mooradian continued. “Everybody in the automotive market today, depending on the mix of their product, has lost an average of 30 to 35 per cent of their business because of the downturn in the market,” he said.
The court-appointed receiver is Zeifman Partners Inc. of Toronto. The receiver will explore whether the business can continue or not, Mooradian said.
Huronia Precision Plastics, which started out 20 years ago as a two-man operation in a garage and grew into a global player in the auto parts sector, was sold to a Toronto investment group four years ago by co-founder Ralph Befort.
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