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October 28, 2002 01:00 AM

News Digest

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    Paper coating process in works

    The Emulsion Polymers business unit of Dow Chemical Co. and Metso Paper Inc., a division of Metso Corp., have agreed to develop and market a new paper- and board-coating process.

    Dow will develop the coating chemicals and colors, while Metso will focus on the coating station technology, including supply systems, drying and process automation.

    The new process, based on a patent-pending multilayer curtain coating application, is significant because several coating color layers can be applied at the same time to the paper web without any direct mechanical contact, according to Ted Cosse, Dow Emulsion Polymers vice president.

    Medtronic completes purchase

    Medtronic Inc. has completed its $269.5 million acquisition of Spinal Dynamics Corp., developer of an artificial disc used in back surgery.

    Spinal Dynamics' cervical disc features a shock-absorbing elastomer that cushions the vertebrae and allows motion of the head and neck. The 50-employee, Seattle-based operation will become an arm of medical device manufacturer Medtronic Sofamor Danek, a business unit of Medtronic Inc.

    Plymouth Rubber restructures debt

    Plymouth Rubber Co. Inc. and its lenders have agreed to restructure the Canton, Mass.-based firm's debt.

    Under the deal, lenders will accept reduced principal payments for the next three years, eliminate financial covenants, waive all existing defaults and rescind demands for accelerated payment in return for enhanced collateral positions. The debt restructuring and Plymouth's $1.1 million net income so far this year should provide the stability and financial framework needed to allow the firm to continue its turnaround, said Chief Financial Officer Joseph J. Berns.

    Alpha plant sale, leaseback done

    Alpha Technologies Group Inc. completed the sale and leaseback of its Pelham, N.H., facility, allowing the company to reduce debt, extend its working capital line and reset some loan covenants.

    A group composed of an Alpha Technologies director and two private investors bought the Pelham plant, which the Los Angeles-based firm leased for 15 years. Net proceeds of the deal-about $4.5 million, and $500,000 borrowed under Alpha's revolving line of credit-were used to reduce debt.

    In addition, the firm revamped its credit agreement, reducing quarterly payments to $750,000 from $1.2 million, and extended its working capital line through June 30, 2004. It previously was set to expire June 30, 2003, Alpha said.

    Yokohama to supply tires for F3 race

    Yokohama Rubber Co. Ltd. will be the official tire supplier for the 49th Macau Formula 3 Grand Prix, to be held Nov. 16-17 in Macao, China.

    The Tokyo-based company has been supplying tires for the race since 1983. Yokohama will provide a total of 1,500 dry and wet tires for the grand prix, Guia Race and other support races.

    Newcor files reorganization plan

    Newcor Inc. and its wholly owned subsidiaries Oct. 15 filed a proposed Joint Plan of Reorganization in their Chapter 11 case before the U.S. Bankruptcy Court for the District of Delaware.

    Under the plan, Newcor would continue operations after the cancellation of $125 million of senior notes and a distribution of $28 million of new notes and $20 million in cash, $6 million of which would stem from a rights offering guaranteed by its largest shareholder, Exx Inc. The plan now is subject to approval by the court and Newcor's creditors.

    RPM reincorporates in Delaware

    RPM International Inc. has completed the reincorporation of RPM Inc. to Delaware from Ohio.

    Approved Oct. 11 by shareholders, the change was effective Oct. 15. RPM is a wholly owned subsidiary of RPM International, a Delaware-based holding company. RPM common shares automatically were converted into an equal number of RPM International shares, the company said.

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