Canadian Plastics

Pipe maker announces new management

New managers representing the company's majority shareholder have taken over from the restructuring team at pipe ex...

May 30, 2004   Canadian Plastics

New managers representing the company’s majority shareholder have taken over from the restructuring team at pipe extruder Imperial PlasTech Inc. (Peterborough, ON). Stamatis N. Astras is now CEO, and Robert Gallop is now chief financial officer of Imperial PlasTech Inc. and its subsidiaries. These appointments position the company to become an integral part of A.G. Petzetakis S.A., a Greek multinational manufacturer of pipe and hose, and play a role in Petzetakis’ expansion in the North American market.
Astras is also the managing director of Petzetakis USA. A.G. Petzetakis was instrumental in facilitating the restructuring of the Imperial Plastech by investing significant capital and human resources in 2003 and the first quarter of 2004, and has announced that it intends to continue to support the Canadian company.
The company has received the resignations of Peter Perley, former CEO and director, and Mark Weigel, former chief financial officer and secretary. Perley and Weigel joined Imperial PlasTech in July 2003 pursuant to a court order under the Companies’ Creditors Arrangement Act that appointed them as directors of Imperial PlasTech and its subsidiaries, in order to facilitate the restructuring of the company. On January 30, 2004, the plan of compromise was implemented and Imperial PlasTech successfully emerged from the restructuring proceedings.


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