By Bill Bregar, UT Akron Bureau Turin, Italy- The Cannon Group has sold its plastics injection moulding businesses to US-based Taylor's Industrial Services LLC, parent of the HPM company, which is a maker of injection presses, extrusion lines and die-casting machines based in Mount Gilead, Ohio.The deal was announced in a 16 March news release issued by Trezzano, Italy-based Cannon Group, which retains its other polymer-processing activities, including its leading position in the polyurethanes business. Terms of the deal were not disclosed.The units concerned-Turin-based Sandretto Industrie SpA and Windsor Kunststofftechnolgie GmbH of Hanau Germany-were acquired by Cannon in 1996 and 1997, respectively.Cannon originally bought Sandretto and Windsor to add to its polyurethane foam equipment, thermoforming machinery and compression moulding machines businesses.The idea then was to build a diversified plastics machinery company and create synergy between the businesses."These synergies are not enough to create additional revenues and now we have decided to sell this business to a group that proved to operate successfully in this very competitive market," said Marco Volpato, Cannon's managing director.Sandretto is a manufacturer of medium-sized and special injection moulding presses, previously owned by the Italian government, while Windsor makes retrofit injection units for two-shot moulding. HPM is involved in making large presses."HPM is strong in North America, while Sandretto has a good reputation and market share in Europe and South America," said Christopher Filos, president and chief executive officer of Taylor's and HPM, in the news release.Sandretto, based in Turin, has three machinery plants in Italy and one in Brazil.Key markets for HPM include automotive and appliances. Sandretto is better known in packaging, medical and other markets.According to an HPM spokesman, Sandretto employs 800 worldwide and sold more than 550 injection presses in 2004. HPM employs 200.Taylor's Industrial Services is based in Tinton Falls, New Jersey.David Reed, UT Editor, contributed to this story."
