Lexington company to purchase plastic company
LATEST NEWS
October 12, 2004
Plasticon International Inc. (OTC Pink Sheets: PLNI), a Lexington, Ky.-based company that recently changed its name from Wicklund Holding Co., has signed a letter of intent to acquire Xylox North America Inc., according to a news release.
Terms of the deal were not disclosed.
Xylox, which is based in Michigan, develops elastomers from rubber and scrap plastic. Plasticon is a technology company that develops uses for recycled plastics. Its products include "plastic lumber" and composite rebar used in construction.
According to the release, the acquisition of Xylox, a startup company that will have estimated revenue of $23 million next year, will allow Plasticon to develop rubber/plastic composites.
"This acquisition can substantially reduce our material costs for rebar supports as well as our plastic lumbers," James Turek, president and CEO of Plasticon, said in the release. "This resin may be used in thousands of products with uses worldwide. Preliminary testing is under way in the automotive industry for use in fender liners and grills."
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