Plymouth Rubber (AMEX:PLR.B)
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Plymouth Rubber Company, Inc. to Form Joint Venture in China
CANTON, Mass., Dec. 22 /PRNewswire-FirstCall/ -- Plymouth Rubber Company, Inc.
(AMEX:PLR.AAMEX:PLR.B) today announced that it has reached agreement with Hebei
Huaxia Group on the formation of a Joint Venture company to manufacture PVC
(vinyl) adhesive tapes in China. The deal is expected to close within 30 days.
Hebei Huaxia will provide the new company with manufacturing assets and
management, and knowledge of the Chinese market; Plymouth will provide advanced
PVC technology and marketing support for international companies with
operations in China. "We believe that the combination of Plymouth's and
Huaxia's strengths will make our Joint Venture a high-quality, low-cost, and
very effective competitor in the marketplace", said Maurice Hamilburg,
Plymouth's President and co-CEO. The new company, to be called Plymouth Yongle
Tape (Shanghai) Co., Ltd., will occupy a new manufacturing facility currently
under construction near Shanghai, and is expected to be in production early in
2005. Other details were not disclosed.
Plymouth Rubber Company, Inc. manufactures and distributes plastic and rubber
products, including automotive tapes, insulating tapes, and other industrial
tapes and films. The Company's tape products are used by the electrical supply
industry, electric utilities, and automotive and other original equipment
manufacturers. Through its Brite-Line Technologies subsidiary, Plymouth
manufactures and supplies highway marking products.
This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. The Company's actual results could differ materially
from those set forth in the forward-looking statements as a result of various
factors, including those referenced in the "Management's Discussion and
Analysis" section of the Company's most recent Annual Report on Form 10-K,
which is on file with the SEC.
Contact:
Joseph J. Berns
Vice President - Finance
(781) 828-0220 Ext. 1377
DATASOURCE: Plymouth Rubber Company, Inc.
CONTACT: Joseph J. Berns, Vice President - Finance of Plymouth Rubber
Company, Inc., +1-781-828-0220 Ext. 1377
Web site: http://www.plymouthrubber.com/