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Platinum Tool attempts to assuage concerns regarding its solvencyPlatinum Tool attempts to assuage concerns regarding its solvency

Canadian moldmaker Platinum Tool Technologies Inc. (Oldcastle, ON) is "fighting for its financial life" according to a July 25, Windsor Star report. According to published reports from the Ontario newspaper, the tool shop, which is headed in part by Dan Moynahan, who's also president of the Canadian Assn.

PlasticsToday Staff

July 26, 2010

1 Min Read
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Canadian moldmaker Platinum Tool Technologies Inc. (Oldcastle, ON) is "fighting for its financial life" according to a July 25, Windsor Star report. According to published reports from the Ontario newspaper, the tool shop, which is headed in part by Dan Moynahan, who's also president of the Canadian Assn. of Mouldmakers (CAMM), has laid off 72 employees and is currently trying to convince its vendors, customers, and creditors that it's solvent. In published comments, Moynahan did say the moldmaker missed payroll and vacation pay due last Thursday, July 23.

The Windsor Star reported that earlier in 2010, Platinum was awarded $1.25 million in interest-free loans from the Federal Export Development Agency. That money was to help fund a $2.8-million expansion, which would includes new equipment and space for a recently established aerospace division.

Platinum Tool Technologies was started in 1999 as a partnership between Scott Dell, Randy Soulliere, Dan Moynahan, and Nick Buchok. In a January 2007 article for Modern Machine Shop, Buchok described Platinum as a 40-person mold shop running eight CNC machines and various manual machines.

On its website, Platinum says it recently expanded its manufacturing space to 16,500 ft2, while growing its design and program management area to 4000 ft2, in response to increased demand. The company specializes in automotive lighting molds, particularly headlights and tail lamps, with it tooling used by suppliers to General Motors, Honda, Ford, Toyota, Nissan, Harley Davidson, Volvo, and Volkswagen, among others. A June 28 Windsor Star article reported that Platinum had added 10,000 ft2 to its plant to create the aforementioned aerospace division. —[email protected]

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