Ontarios CPI Plastics restructuring

Profiles and film extruder CPI Plastics Group Ltd., of Mississauga, Ont., has begun a financial restructuring program.

According to CEO Peter F. Clark, CPI will appoint a financial advisor to represent the company during the initiative. A special committee of the board has also been created to ensure CPI’s stakeholders are represented in the restructuring, Clark continued.

The announcement comes on the heels of declining sales of CPI’s hot tub components, triggered by the slowdown in the housing market. The company recording a net loss of $2.4 million for its second quarter 2008 compared to a loss of $962,000 the previous year.

With manufacturing plants in Mississauga and Pleasant Prairie, Wis., CPI produces thermoplastic profiles for construction and custom applications, and manufactures and markets the Rack Sack household trash management system. The company employs approximately 600 workers out of its six facilities.

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