Manufacturing Industry
Flexible MPC survives 'economic war'.(Special Report)(Modern Plastics Corp.'s turnaround)(Company Profile)
Plastics News, October, 2002 by Miel, Rhoda
Byline: Rhoda Miel Back in 1949, Modern Plastics Corp. began production of a transfer molded, thermoset handle for Ruud Manufacturing Co.'s water heaters. Fifty-three years later, Ruud now is part of Rheem Manufacturing Co. - itself owned by Paloma Industries of Nagoya, Japan - but the eight-cavity mold still is in operation, still producing 80,000 parts per year.
Modern Plastics, though, nearly disappeared. In June 2001, management of the family-owned company closed its books for the fiscal year with a loss of nearly $2 million on sales of $24 million. A month later the red ink still was flowing and Victor Miller, president and son of company founder Walter Miller, was facing the very real threat of seeing the firm slip away like so many other...
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