Manufacturing Industry
Constar closing 2 facilities.(News)(Constar International Inc. is closing two large U.S. plants in a restructuring plan)
Plastics News, September, 2003 by Pryweller, Joseph
Byline: Joseph Pryweller Major PET container maker Constar International Inc. is closing two large U.S. plants in a restructuring plan aimed at hiking profitability. The moves come after a disappointing first half of the year. After being spun off in November by Philadelphia-based Crown Cork & Seal Co.
Inc. into a separate, publicly traded company, Constar has had difficulty meeting initial expectations, according to several analysts following the company. "The problem is, Constar agreed to [terrible] pricing and terms with their customers,'' said Tim Burns, a packaging analyst with Solon, Ohio-based Cranial Capital Inc. "Prior to the [initial public offering by Crown Cork], they did that to lock up business.'' Constar, also based in Philadelphia, will...
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