SOLON, Ohio (October 31, 2006) - Stopol Auctions, L.L.C. -- the leader in hosting and managing plastics industry auctions -- will host and web cast an auction November 8, 2006, to sell plastics manufacturing equipment from discontinuing injection molding operations at Core Systems, L.L.C.’s Greensboro, N.C., plant.
Stopol Auctions will conduct a live auction at 10:05 a.m. (EST) November 8 at Core Systems’ Greensboro facility and air the event on www.stopol.com’s webcast portal so that bidders from all over the world can participate in the event using their PCs. Stopol Auctions will hold a preview at the plant November 7 from 10 a.m. to 4 p.m. Interested bidders also may contact Stopol Auctions to arrange for a private inspection. A limited selection of equipment currently is available for sale through www.stopol.com’s Liquidations portal
The Core Systems auction will feature more than 40 injection molding machines from some of the top brands in plastics processing, including Cincinnati Milacron, Van Dorn, Battenfeld, HPM, Husky, Toyo, Toshiba, Mitsubishi and Arburg. The event also will feature a number of robots, and an array of toolroom equipment and accessories. For a comprehensive listing of all available items, directions to the auction or more information on auction rules and terms of sale, please visit the auction index on www.stopol.com .
Core Systems is consolidating its Greensboro facility into its Painesville, Ohio, and Mt. Gilead, Ohio, plants to bring greater focus on primary operations and provide additional synergies throughout the company. The consolidation is part of Core’s plan to create a Center of Excellence at its flagship Painesville facility by introducing a Six Sigma program -- a renowned customer-centric approach to business processes. The Company is investing over $1 million in capital and training to facilitate the implementation of the Center of Excellence concept. Core Systems remains on a growth trajectory, and expects to continue its recent growth via both acquisition and through enhancing relationships with existing customers.
Custom injection molder Carolina Precision, L.L.C. already has acquired the Greensboro plant and has publicly stated that it will be hiring many of the former Core Systems workers to staff it.
About Stopol, Inc.
Headquartered in Solon, Ohio, Stopol is the plastics industry leader in providing solutions for processors’ production needs through its five lines of business -- Equipment Sales, Auctions, Liquidations, Appraisals and Business Services (merger and acquisition consulting). With the industry’s largest diverse inventory of equipment, Stopol allows manufacturers to add capacity and capabilities quickly and cost effectively. As the industry’s premier provider of auction and liquidation services, Stopol further enhanced its reputation as an industry innovator in 2004 when it created StopolAuctions L.L.C. and launched an interactive auction Web portal that allows a global audience to buy and sell new and used plastics equipment and other assets using their PCs. In addition, monthly contact with 30,000 customers and 17 years of purchasing data provide Stopol with unparalleled market intelligence that we leverage to our customers’ advantage.
About Core Systems
Based in Painesville, Ohio, Core Systems, LLC is a precision injection molder of engineered plastic parts, serving numerous Fortune 500 customers across multiple industries. The Company is an affiliate of Chicago-based Onyx Capital Ventures, LLC ( www.onyxcapitalventures.com ), and is a certified Minority Business Enterprise (MBE).