ThyssenKrupp Budd Co. plans to sell its plastics business as it shrinks its North American presence.
The company confirmed last week that it is in discussions to sell the plastics unit.
ThyssenKrupp spokesman Thomas McDonald says the plastics operation "is a good business, but it is not core to ThyssenKrupp."
He declined to identify the potential buyer.
But employees were told June 15 that a deal could be reached by month's end to sell the business to Continental Plastics Co. of Fraser, Mich., says an executive at a ThyssenKrupp vendor.
Earlier this month, ThyssenKrupp Budd, of Troy, Mich., announced the sale of its aluminum castings operation as part of its restructur-ing. The unit employs 813 people and was sold to a private-equity firm that ThyssenKrupp Budd did not identify.
The parent company said last week that it has laid off 40 people at its corporate headquarters as part of the restructuring plan.
In mid-May, ThyssenKrupp announced plans to phase out its Detroit manufacturing plant. That plant makes large metal stampings and assemblies such as roofs, fenders, liftgates and other parts.
The ThyssenKrupp plant employs about 350 salaried and hourly workers.
Continental Plastics is a privately held company with 500 employees. Bill Rennick is the CEO.
The company has no affiliation with German auto supplier Continental AG.
A representative said Rennick was traveling and could not be reached immediately.
Continental Plastics, which makes injection-molded interior and exterior parts, supplies General Mo-tors and Lear Corp. Its competitors include Plastech Engineered Products Inc. and Collins & Aikman Corp.
A deal for ThyssenKrupp Budd's plastics business would give Continental a business in large products such as body panels and pickup-truck boxes.
That ThyssenKrupp Budd unit operates factories in Carey, North Baltimore and Van Wert, Ohio, and in Tijuana, Mexico.
ThyssenKrupp AG's automotive business includes 30 plants employing more than 10,000 people in North America.
You may e-mail Robert Sherefkin at [email protected]