Chemtrusion signs a long-term agreement with Mytex Polymers to build & operate a world-class compounding facility for the Mitsubishi & Exxon joint venture.HOUSTON--(BUSINESS WIRE)--Jan. 31, 1996--InterSystems Inc. (AMEX AMEX See: American Stock Exchange : II) announced today that its Chemtrusion Inc. subsidiary has signed a long-term contract with Mytex Polymers Inc., a joint venture of Japan's Mitsubishi Chemical Corp. and Exxon Chemical Co., Houston, a division of Exxon Corp., to build and operate a multi-million dollar advanced color thermoplastics compounding facility in Jeffersonville, Ind. InterSystems reported that management fees for the new plant, which it will own and operate, are expected to make a significant material contribution to its bottom line. The 170,000-square-foot facility will serve the automotive market, the largest industrial user of plastics, and is scheduled for completion during the third quarter of 1996. Commenting on the agreement, Mytex general manager Mike Gallagher
Mike Gallagher (b. April 7 1960, Dayton, Ohio) is a popular conservative American radio talk show host. said: "We are very pleased to team up with Chemtrusion that is a leading company in custom tolling and provides years of experience for this project." Mytex marketing manager S. Ukawa added: "The new plant allows us to better serve our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive customers and have even better control over the end products and distribution. With in-plant support from Chemtrusion, Mytex will be able to provide technical assistance to continuously improve quality and maximize productivity." InterSystems president Fred S. Zeidman said: "Chemtrusion was chosen for this long-term project because of its expertise and technological leadership in plastics compounding. Under the able leadership of Chemtrusion's president Scott Owens Scott Bradley Owen (born February 14 1975) plays the double bass in the Australian rock band The Living End. After playing the piano for many years, he decided that the keys would not work for a rockabilly band, so at age 17 he purchased and taught himself double bass, letting him , the Mytex plant is expected to set the industry standard as it accelerates Chemtrusion's profitable growth in the years ahead." The new facility will initially operate four production lines and produce 35 million pounds of product annually. Mytex Polymers combines Mitsubishi's specialized polypropylene polypropylene (pŏl'ēprō`pəlēn), plastic noted for its light weight, being less dense than water; it is a polymer of propylene. It resists moisture, oils, and solvents. compounding technology with Exxon Chemical's U.S.-based polypropylene production, providing the North American automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. with specialized, cost effecting compounds. The new manufacturing site will include product development facilities, critical color capability and a distribution center for Mytex products. The advanced technology and design, jointly supplied by Chemtrusion, Mitsubishi and Exxon Chemical will be combined to build a world-class compounding facility. Chemtrusion is a technological leader in custom compounding of thermoplastic resins Noun 1. thermoplastic resin - a material that softens when heated and hardens again when cooled thermoplastic plastic - generic name for certain synthetic or semisynthetic materials that can be molded or extruded into objects or films or filaments or used , processing that combines various resins with additives and modifiers to enhance and customize the plastics for a particular end-use. CONTACT: InterSystems Inc. Fred Zeidman, President 713/675-0307 or Mytex Janis Grant, 713/870-6591 or Director - Investor Relations Investor relations The process by which the corporation communicates with its investors. Sylvia Dresner, 212/575-6567 |
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