Industrial thermoformer C + K Plastics Inc. of Metuchen, NJ, plans to purchase Piedmont Polymers & Fabrication LLC, a Charlotte, NC-based company that filed for Chapter 11 protection on December 13th.
C + K is the Stalking Horse bidder for the Piedmont assets according to filings filed with the US bankruptcy court in Charlotte. If another bidder exceeds C + K’s $ 1 million offer, C + K receives a termination fee.
David Grice, vice president of sales and marketing at C + K, said the company plans to keep the Piedmont factory open and is only a few weeks away from an official announcement.
“C + K Plastics looks forward to entering the Carolina market and working with the great customers at Piedmont,” said Grice.
Piedmont Polymers is a heavy duty thermoformer focused on the aerospace and transit sectors. The company was formerly the manufacturing division of the Charlotte-based sheet and semi-finished product distributor Piedmont Plastics Inc.
Piedmont Plastics sold Piedmont Polymers to the financial services company ARC Industries Inc. in 2018. According to court documents, Piedmont Polymers’ sales decreased from approximately $ 19.2 million in 2019 to approximately $ 11.6 million in 2020. Piedmont Plastics is the largest secured creditor and owed approximately $ 5.99 million .
Piedmont Polymers has 11 machines and 53 employees and was ranked 96th in the latest Plastics News poll of North American thermoformers.
C + K Plastics ranked 58th with sales of $ 30 million, 200 employees and 20 machines. The company thermoforms in Metuchen and Conyers, Georgia.