MERIDEN: Proton OnSite founded in 1996 is expected to be sold and merged into Nel ASA, an Oslo, Norway based hydrogen production company. The companies have entered a “non-binding” agreement for the purchase, with a total value of $70 million. Nel will pay $20 million in cash and provide new Nel shares at 12 and 24 months intervals, with a set value of NOK [Norwegian Krone] 2.72 or 32 cents US. The market value of Nel is approximately $220 million [US].
OLD SAYBROOK: Fortune Plastic a can lining manufacturing company founded in 1955 is shutting down.
Owned by Hartsville, SC., based Novolex, [owned by the Carlyle Group] the company is moving its equipment to other company locations. The plant employs 92, some employees, according to a report in Plastics News may remain to decommission the plant and others will be offered positions in other company facilities.
Mark Daniels, VP of Sustainability told the magazine, “our attention is focused on placing our employees with other companies in the area. Our outplacement program is going to begin immediately. We are going to be taking some of the assets and sending them to our sister companies. And some of our employees have expressed a willingness to move to some of our other facilities as well,” Daniels said.
The company sent a Worker Adjustment and Retraining Notification Act letter to the Connecticut Department of Labor, with a last date of employment expected to be April 23.