Thu, 06 Jun 2013 | ADMINISTRATION
Administrators from BDO have successfully found a new home for the assets of IAC Plastics, which entered administration in May.
The purchaser, PAR Group, specialises in rubber and plastic engineering and operates from two manufacturing sites in Chorley and Ashton-Under-Tyne. It also makes mouldings, extrusions gaskets and precision-engineered components and has worked for clients across Britain, Europe and worldwide for more than 25 years.
Following the sale the IAC Plastics division will continue to run from the 27,000 square feet site in Dunnockshaw. Its large range of plastics engineering facilities include CNC machining, cutting, routing, milling and a lathe. The business will add to PAR Group’s existing plastic machining and fabricating operations.
PAR Group serves several sectors including food and pharmaceutical, water treatment, chemical, brewing, mining and aerospace. The business will gain the capability to make Corromide (cast Nylon) rods, sheets and tubes.
IAC Plastics was placed under the control of administrators in mid-May after suffering cash flow problems due to the recession. Joint administrator Kerry Bailey made reference to the business’ good order book, customer base and reputation at the time.
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