Progressive Moulded Products assets auctioned off
Canadian PlasticsCanadian Plastics
Concord, Ont.-based automotive injection molder Progressive Moulded Products Ltd. has failed to restructure its ten...
Concord, Ont.-based automotive injection molder Progressive Moulded Products Ltd. has failed to restructure its ten plastic pants in Ontario, and the company’s Canadian assets were auctioned off last week.
According to auction organizers, the Progressive Moulded Products auctil marked the largest plastic injection molding sale event in Canadian history.
“In our 54 years in business, this is the largest plastic injection auction that we have ever seen,” said David Ordon, CEO of Toronto-based liquidator Danbury Sales Inc. The company conducted the three-day auction to sell off the complete contents of Progressive’s 10 plants in Ontario.
With a revenue of over $290 million and more than 2,000 employees, Progressive Moulded Products specialized in automobile and truck parts, plastic containers, plastic forming molds, and molded carton plastics.
The company went under and filed for restructuring during the summer. The closure prompted frustrated laid off workers to set up a blockade at the company’s facilities, upset over severance payouts.
The company’s assets were auctioned off over three days.