Calnetics to Acquire Richmond Holdings Inc.
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Calnetics Corp., a Chatsworth-based maker of molded plastic fittings and tubing, said it has entered an agreement to acquire Richmond Holdings Inc. in a stock deal valued at about $16.9 million.
Richmond, a Palm Springs-based company that manufactures packaging and grounding products for the electronics industry, will operate as a subsidiary of Calnetics when the transaction is complete, said Clinton Gerlach, president of Calnetics.
The acquisition is subject to shareholder and regulatory approval. Under terms of the agreement, Calnetics would issue about 3.23 million shares of common stock for the 2.14 million outstanding Richmond shares.
Richmond had net income of $843,000 on sales of $13.3 million in the six months that ended Feb. 28. Calnetics had net income of $350,000 on sales of $12.9 million in the six months that ended Dec. 31.
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