Canadian Plastics

Progressive Molded Products folds

Automotive injection molder Progressive Molded Products Inc., based in Concord, Ont., has filed for Chapter 11 prot...

June 30, 2008   Canadian Plastics

Automotive injection molder Progressive Molded Products Inc., based in Concord, Ont., has filed for Chapter 11 protection in the US Bankruptcy Court in Wilmington, Del.

The company listed debts exceeding $500-million, and assets of approximately $10 million.

Progressive is majority owned by Boston-based buyout firm Thomas H. Lee Partners LP.

In court documents, Progressive lists up to 1,000 creditors, mostly American firms. Canadian creditors include Windsor Mold Group, W.M. Tool Inc., of Windsor, Ont., and Toronto-based automotive coater Red Spot.

In 2001, Progressive was selected as a General Motors supplier of the year. The company was taken over by Thomas H. Lee Partners LP in 2004. At the time of the takeover, Progressive operated 13 plants in Canada and the U.S.

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