Manufacturing Industry
Auto molder in financial straits.(News)(Brief Article)
Plastics News, October, 2004
Byline: Rhoda Miel Injection molder Andover Industries has filed for protection from creditors under the U.S. Bankruptcy Court's Chapter 11, stating it is not able to pay its bills in a "timely fashion.'' The Troy, Mich.-based company filed Oct. 21 at U.S. Bankruptcy Court in Erie, Pa., noting it has "experienced serious financial difficulties recently.'' Andover, which also operates legally under the name Buffalo Molded Plastics Inc., has a sales office in Troy, and manufacturing in Andover and Dayton, Ohio; and Meadville, Pa.
It had estimated 2003 sales of $120 million and employs about 700. The bankruptcy filing lists estimated debts between $10 million and $50 million. Its unsecured creditors include PPG Industries Inc. for $2.5 million, Basell USA...
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