Page 37 - Plastics News November 2020
P. 37
Reliance Q2 net profit Rs 9,567 crore American Plastics investment hits $7M at Ohio
plant
eliance Industries (RIL) has reported a net profit of
RRs 9,567 crore for the three months to September,
merican Plastics, a premier plastic injection
down 15% year-on-year. The conglomerate's operating
profits came in at Rs 18,945 crore, down 16.2% y-o-y as Amolding company located just south of Tiffin,
revenues fell 24% y-o-y to Rs 1,16,195 crore. Other Ohio, has announced that it has invested $7 million
income accounted for 44.4% of its net profit. While the into its operations at the plant. American Plastics
retail business was somewhat subdued to the
employs 142 people in Seneca County. The investment
lockdowns in several parts of the country, the
company's consumer business contributed nearly half
of the consolidated operating profits. The operating
margin for the retail segment was 5.5% in the quarter
and the business operated close to 30 million sq ft.
includes the purchase of five new presses, tooling
investments and other facility improvements to
increase efficiency and capacity, a release from Tiffin-
Seneca Economic Partnership states. In addition to the
investments in the company, American Plastics has
committed to increasing the wages of its staff,
according to the release. Joe Roth, Plant Manager for
“With operating curbs being lifted progressively, store
expansion resumed with 232 stores being opened American Plastics in Tiffin, said “I'm proud that
during the quarter, taking the current footprint of the American Plastics has made a commitment to invest in
business to 11,931 stores, spread over 29.7 million sq ft our team and facility here in Tiffin. Our continued
of retail space,” the company said in a release. The growth is only possible due to the dedication of our
petrochemicals division fared well as prices remained
team and the support of our customers. It's always
firm on a quarterly basis and cracking margins
something new with American Plastics, and we are
improved due to a better feedstock mix and favourable
economics for ethane cracking. The company's glad to be a part of the Tiffin growth.” American
crackers operated at nearly full capacity. RIL's GRMs for Plastics is a designer and manufacturer of plastic-
the quarter were at a hefty premium to the average injection molded products for home and garage
Singapore complex and came in at $5.705/barrel storage as well as for commercial cleaning
compared with $9.4 per barrel in Q2FY20. The Ebitda
applications. With its headquarters in St. Louis, Mo.,
for the September quarter fell by 21.4% sequentially,
the company maintains 15 facilities across the North
primarily due to higher crude cost. The performance
was also partially affected by planned turnaround American continent, including locations in Sycamore
during the quarter. Mukesh Ambani, chairman and and Findlay. The Tiffin facility is the sole manufacturer
managing director, said domestic demand has sharply of shelving for the Craftsman brand, available at the
recovered across the O2C business and is now near pre- more than 1,500 Lowe's stores in North America. The
Covid level for most products. “Retail business activity plant specializes in the production of plastic shelving,
has normalised with strong growth in key consumption
including Craftsman, Commander and Blue Hawk
baskets as lockdowns ease across the country,” Ambani
said. name brands for Lowe's.
NOVEMBER 2020 37 Plastics News
