Thermoplastics under new ownership THERMOPLASTICS REOPENS its doors on Monday under a new joint venture arrangement between plastics manufacturer Omni Industries and the National Investment Bank of Jamaica, according to an NIBJ statement last night. St. Andrew-based Omni Indus-tries Limited signed an agreement yesterday, giving it an interest in Thermoplastics and Caribbean Tooling. An initial 1999 bid of $120 million by Omni had been rejected by Thermoplastics' receiver/manager, Richard Downer. "By taking this action today we are saving jobs," president of the NIBJ, Rex James, said in the release. The NIBJ acquired the assets of Thermoplastics in early August from the receivers and immediately wound up operations at the company. Started in 1965, Thermoplastics is one of the pioneering industrial enterprises in Jamaica, manufacturing over 1,000 different plastic items under its Thermoco and Countess brands as well as other lines. Employing 250 workers at its Twickenham Park, St. Catherine plant, the Thermplastics Group formerly consisted of Thermo-plastics Jamaica Limited, Plas-Pak and Caribbean Tooling. It was placed in receivership by National Commercial Bank in 1998 to recover a debt of $650 million. Former owners, the Desulme family were then locked in a battle for control, following the death of patriarch Thomas Desulme. The new joint venture will provide revenue for the country "both in local taxes and and in the foreign exchange that the company will earn through its exports," Mr. James said. "Very importantly, we are facilitating the continued production of the excellent products for which the Thermoplastics company is very well known." Production will begin on a phased basis during the week of August 20, the NIBJ said. "We are very excited about the prospects of returning Thermoplastics to its former glory," said Uwe Kumst, managing director of Omni Industries. "We are aware of our responsibilities, from a social point of view, and of the nature of the job market in Spanish Town, but we are also bearing in mind that we are competing in a global marketplace and must therefore increase our level of efficiency."
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