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| Legal battle between Husky and Schad |
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Release time:2013-11-27 15:39/Source:admin/Reads:/Enquiry
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As a result, the important source of 22 factory jobs in the remote First Nation community, where unemployment soars specialized in plastic seals manufacturing once the summer tourism season ends, will disappear. Niigon Technologies Ltd., a molding plant run by the Pottawatomi First Nation reserve on Canada's Georgian Bay, is closing down as a legal battle rages between Robert Schad, and his former company Husky Injection Molding Systems Ltd.
Schad happened upon Moose Point when his car broke down in the mid-1990s and local First Nation group, the Pottawatomi of Moose Deer Point, helped him out. An avid outdoorsman, Schad had a cottage and boat in the area. Now Schad charges that Husky "was getting back at me" and taking it out on Niigon, one of his pet projects, because Schad formed a new company, Athena Automation Ltd., to make injection presses for plastic seals such plastic goods. Athena has teamed with Italian blow molding supplier Sipa SpA to make a system for molding and blowing PET performs.
Niigon started molding parts in 2001, on Husky injection molding machines. Schad was the founder and controlling shareholder of Husky at the time. According to a statement Schad issued Aug. 7, his Schad Foundation has donated $28 million to Niigon — including $8 million from 2000 to 2007, while he was still the controlling shareholder of Husky. Schad sold his shares in 2007, and Husky today is owned by private equity company Berkshire Partners LLC.
The news of the dispute between Schad and Husky came out when the Globe and Mail newspaper reported about it online Aug. 6. Schad could not be immediately reached for comment, but he issued a statement Aug. 7. According to Schad, in 2000, Husky agreed to loan some injection presses of plastic seals to Niigon, and sold the operation some presses "under favorable terms." All but one of the loaned machines were returned to Husky by 2008 and replaced with machines leased under the arrangement.
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