Case Number #1: Plastics Molding Corporation (PMC)
From article taken from Plastics News dated April 5, 1999, "Tom Hennings was named president of the Cincinnati-based molder. PMC serves the automotive, wireless telecommunications and information technologies industries."
In September of 2000 under Mr. Hennings watch at PMC, the company expanded from its base in Ohio and Indiana to Tucson, Arizona with the construction of a new plant. The total investment of facility was an estimated $15 million USD over the next three years.
Now just less than three years after Tom Hennings took on the role as President on February 4, 2002, Mr. Hennings and the PMC are mulling over the decision to abandon their new production facility in Tucson, AZ. Mr. Hennings is quoted in February 4, 2002 edition of Plastics News as saying “``We are sitting on hold right now and will wait to see what happens. We are just going through and exploring the options, including possible sale of the facility with or without the equipment.”
As of today PMC does not have facility in Tucson, AZ. The facility has been closed and sold off. Was it poor management decisions by Mr. Hennings that caused a company with estimated sales of $50 million to waste $15 million on the construction of a plant it never used? What happened to Tom Hennings after the loss of $15 million? Well trust me, Mr. Hennings showed up at another company as President and CEO, and did what does best, assassinate a corporation.
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