Local Royalite Plant Sold To Spartech Corp.
July 28, 2016 at 4:25 p.m.
Uniroyal Technology Corp., Sarasota, Fla., announced this week that it has entered into an agreement to sell substantially all the assets of its high performance plastics segment to Spartech Corp.
The sale includes the Royalite Thermoplastics division of Uniroyal Technologies, 3454 N. Detroit St., Warsaw.
According to Martin Gutfreund, vice president of administration for Uniroyal, Sarasota, Fla., the sale will have no negative effect on the Warsaw plant. He said Spartech Corp. plans to retain almost all of the current work force.
"It's a business decision," he said Tuesday. "Fundamentally, we're trying to streamline our technologies." He added that the sale is part of an enactment of the company's strategic plan.
In a press release, Howard R. Curd, chairman and chief executive officer of Uniroyal Technology Corp., said, "The sale of the high performance plastics segment strategically repositions our company and allows us to focus on our remaining businesses with a particular emphasis on our optoelectronics segment, where we have strong growth expectations. We will use the proceeds from this sale to retire debt and quickly expand our technology base."
The proceeds from the sale are expected to be near $217.5 million. The sale is anticipated to close on or before Feb. 29, subject to necessary consents and approvals.
"The Warsaw facility is a fine facility with excellent employees. It has a quality work force," Gutfreund said. Currently, he said, the Warsaw plant is shut down because of the holidays.
Royalite employs 172 hourly employees and 40 salaried employees.
Uniroyal recently began producing high brightness light-emitting diodes (HB-LEDs) at its state-of-the-art, 77,000-square-foot manufacturing facility in Tampa, Fla. According to the press release, the market for the HB-LEDs remains high and the company plans to double the capacity for high brightness blue and green colors.
"This is an enhancement to our other businesses," Gutfreund said.
Uniroyal Technology has four business segments: optoelectronics, high performance plastics, coated fabrics and specialty adhesives. [[In-content Ad]]
Uniroyal Technology Corp., Sarasota, Fla., announced this week that it has entered into an agreement to sell substantially all the assets of its high performance plastics segment to Spartech Corp.
The sale includes the Royalite Thermoplastics division of Uniroyal Technologies, 3454 N. Detroit St., Warsaw.
According to Martin Gutfreund, vice president of administration for Uniroyal, Sarasota, Fla., the sale will have no negative effect on the Warsaw plant. He said Spartech Corp. plans to retain almost all of the current work force.
"It's a business decision," he said Tuesday. "Fundamentally, we're trying to streamline our technologies." He added that the sale is part of an enactment of the company's strategic plan.
In a press release, Howard R. Curd, chairman and chief executive officer of Uniroyal Technology Corp., said, "The sale of the high performance plastics segment strategically repositions our company and allows us to focus on our remaining businesses with a particular emphasis on our optoelectronics segment, where we have strong growth expectations. We will use the proceeds from this sale to retire debt and quickly expand our technology base."
The proceeds from the sale are expected to be near $217.5 million. The sale is anticipated to close on or before Feb. 29, subject to necessary consents and approvals.
"The Warsaw facility is a fine facility with excellent employees. It has a quality work force," Gutfreund said. Currently, he said, the Warsaw plant is shut down because of the holidays.
Royalite employs 172 hourly employees and 40 salaried employees.
Uniroyal recently began producing high brightness light-emitting diodes (HB-LEDs) at its state-of-the-art, 77,000-square-foot manufacturing facility in Tampa, Fla. According to the press release, the market for the HB-LEDs remains high and the company plans to double the capacity for high brightness blue and green colors.
"This is an enhancement to our other businesses," Gutfreund said.
Uniroyal Technology has four business segments: optoelectronics, high performance plastics, coated fabrics and specialty adhesives. [[In-content Ad]]