Oxford Resin Maker To Close | Company's equipment is being liquidated by a Connecticut firm
Oxford-based American Polymers Inc. is shutting down, according to a public statement made by the company.
Company officials of the polystyrene resin maker and distributor said in public statements issued earlier this year that there has been less demand for polystyrene and an abundance of supply. Coupled with the relocation of U.S. plastic processing work from the Northeast and mid-Atlantic region to the South, they decided to close the company. Most of the company’s customers were located in the Northeast and the mid-Atlantic states.
“We see no substantial change in market conditions going forward. As a result the owners of API have decided to cease the production and distribution operation,” according to a press release the company put out in January.
The company’s products are used by plastics manufacturers. The resin they make is the primary ingredient in making plastic objects, with certain resins offering specific characteristics like strength and heat resistance.
The company has been in the process of shutting the business throughout the year, having made the decision in early January that it would no longer continue.
The company had about 65 employees with annual sales of about $90 million, according to Plastic News, a trade magazine.
The owners of the company are Harold Doherty, Daniel Coakley and Stanley Raphael. They started the company in 1984.
Capital Recovery Group of Enfield, Conn., is handling the liquidation sale of the company’s physical assets like stainless steel tanks, forklifts, material handling equipment, a complete polystyrene production line, compressors and maintenance equipment.
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