CAMBRIDGE, Ontario and PLAINFIELD, Ill., April 2 /CNW/ -- Plainfield Tool
and Engineering ("Plainfield Companies") announced today that it is closing
its Canadian subsidiary, Polymer Technologies, Inc., which is located in
Polymer Technologies' secured creditor has brought an application under
that Bankruptcy and Insolvency Act (Canada) seeking to appoint KPMG Inc. as
receiver. This motion is scheduled to be heard on April 3rd, 2009 and Polymer
Technologies intends to work with its secured creditors in an orderly and
The decision to close this operation is reflective of careful
consideration of the current local Canadian market conditions and Polymer
Technologies' inability to continue operations under the current environment
and given its financial stature.
This action is not an indication of the overall stability or continuing
commitment to the industry and to its customers by Plainfield Companies. In
fact this action is part of Plainfield Companies' recent reorganization and
continuing effort to streamline operations and focus on the core capabilities
that have made Plainfield Companies a leader in precision stamping and
molding. Plainfield Companies will work closely and cooperatively with any
customers affected by this decision to enable a timely and orderly transition.
Greg Conrad, CEO of Plainfield Companies stated, "While this is a
disappointing event for our Canadian subsidiary, it is reflective of the
challenges faced by this industry under the current difficult economic times.
Our core business at Plainfield Companies continues to improve its operations
and expand its capability. We are focused on increasing our efficiencies
during these difficult times."
Plainfield Companies operates out of its Plainfield IL headquarters and
is a leading stamping & molding manufacturer specializing in insert, two-shot,
precision, reel-to-reel and microcellular molding as well as metal stamping,
multi-slide components, pin forming, coil winding and assembly. Plainfield
has been supplying the automotive, medical, electronics, industrial, consumer
and military markets for over 40 years.
For further information:
For further information: Robert Aldi of Plainfield Companies,