RTS Plastics acquires bankrupt Ohio molder
Waterloo, Ont.-based rotational molder RTS Plastics Inc. has purchased NEO Plastics, a bankrupt rotational molding ...
Waterloo, Ont.-based rotational molder RTS Plastics Inc. has purchased NEO Plastics, a bankrupt rotational molding shop located in Austinburg, Ohio.
According to reports, RTS is paying US$550,000 for the real estate and US$330,000 for the personal property of the business. NEO filed for Chapter 11 bankruptcy protection in February 2007, and RTS is purchasing the company from the bankruptcy receiver.
According to Vicki Cegliastro, general manager/controller at RTS, the 33 workers employed by NEO will have to re-apply to keep their jobs, but no job losses are expected to occur.
Cegliastro said the company hopes to make money after the first year of operations and expects to improve the old NEO building and expand the facility and operations. “In the next five years, we expect to double our employment here,” she said.