Panolam Industries International Inc. reportedly denied that it plans to shut a plant in Huntsville, Ontario, its third largest after facilities in Hampton, S.C. and Auburn, Maine.
The Shelton-based company makes laminates for use in cabinets, furniture, and store fixtures, as well as for applications such as bowling lanes and aircraft cargo liners. In the third quarter, Panolam had a $1 million loss on $96 million in revenue, with sales down 9 percent from a year earlier. The company attributed the decline to the sharp slowdown in residential and commercial construction.
A company manager told the Huntsville Forester that rumors of a closing there were untrue.
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MXenergy Holdings Inc. reported a rise in account attrition, as customers in Texas and other states terminated contracts for natural gas and electricity as they sought better deals.
The Stamford-based company indicated it expected to recoup the lost accounts through customers of other companies following suit in favor of MXenergy.
MXenergy had sharp increases in both revenue and losses between in its first fiscal quarter ending Sept. 30, as a 50 percent drop in natural-gas prices resulted in higher unrealized losses from financial derivatives the company uses to hedge its exposure to risk; and a lower value for MXenergy”™s existing inventories that impacted its ability to issue letters of credit as collateral with suppliers.
The company reported a $65 million loss and revenue of $123 million, with losses more than tripling from a year earlier despite a 60 percent increase in revenue.
