Delaware Gains Another Corporate Citizen as Manufacturing Disappears
Ceramic Protection Corporation of America, originally formed in Alberta, Canada, has completed its reorganization as a United States company by way of a Plan of Arrangement, pursuant to which the Corporation discontinued from the jurisdiction of Alberta, Canada into Delaware under its new name, Protective Products of America, Inc. The Arrangement was approved by a shareholder vote at a special meeting on July 28, 2008.
Protective Products of America will continue to be traded on the Toronto Stock Exchange, transitioning from the symbol “CEP” to the new symbol “PPA.”
“We are very pleased to be a U.S. company and believe this new status enhances our
opportunities for new and ongoing business with the U.S. military, federal agencies and law enforcement” said Steve Giordanella, CEO.
Delaware is always happy to recruit another corporate citizen. Unfortunately, what Delaware gained on the one hand it lost on the other…
Mr. Giordanella continued, “After a thorough strategic review of our business, we have made the decision to close our Newark, Delaware operations and to focus our efforts and capital on our soft armor business. At the same time, we have a significant ability to finish ceramic armor through the integration of soft ballistic material while outsourcing the production of ceramic plates. We believe that this is the best path to drive significantly improved results and to deliver incremental value to our customers and our shareholders.”
So it appears the Canadians wanted to move even further south. Many natural signs are pointing towards a very cold winter in Delaware. If jobs keep migrating like this it will be.
The Corporation, together with its subsidiaries, is engaged in the design, manufacture and marketing of advanced products used to provide ballistic protection for personnel and vehicles in the military and law enforcement markets. The Corporation’s product portfolio includes lightweight ceramic armour for vehicles and military personnel, composite based products and concealable soft body armour products for law enforcement and the Modular Tactical Vest (MTV) ballistic system for military
personnel. In many high performance applications, such as handling ballistic threats, products made of advanced technical ceramics meet specifications that similar products made of metals, plastics or traditional ceramics cannot achieve. Advanced technical ceramics withstand extremely high velocity ballistics, combine hardness with light weight, are highly resistant to corrosion and wear, and have low friction characteristics.
- Switch Skate Shop in New Hands
- Delaware’s Economic Forecast Requires New Government Spending Controls