TEMPE, ARIZ. — Fiberite Inc.'s holding company filed for an initial public offering of a minority interest and, for the first time, revealed financial data.
Fiberite lost almost $10 million on 1996 sales of $218.8 million, according to the Feb. 21 Securities and Exchange Commission filing. On a pro forma basis, the advanced composite material supplier lost $12.9 million on 1995 sales of $207.3 million.
In an interview, Ronald M. Miller, vice president of finance and chief financial officer, attributed the losses to extraordinary and nonrecurring charges associated with the stock offering and a change of ownership.
DLJ Merchant Banking Partners L.P. of New York and Carlisle Group L.P. of La Jolla, Calif., acquired the business from units of Imperial Chemical Industries plc on Oct. 6, 1995, for $113.3 million plus costs of $5 million.
The new owners had projected going public in about five years.
``The economy is doing extremely well, and our markets in aerospace, recreation and industry are doing well,'' Miller said in explaining the offer's timing.
The offer will range from $15-$17 for each of the 5 million shares. Tempe-based Fiberite Holdings plans to offer 3 million shares; DLJ interests, 1,794,364 shares; Carlisle, 185,706 shares; and other owners, 19,930. Post-offering, about 14.5 million shares will exist, excluding options and 750,000 shares in possible underwriter over-allotment. Fiberite plans to trade the shares on the New York Stock Exchange, possibly by mid-April.
Fiberite competes with Hexcel Corp. of Stamford, Conn. Fiberite employs 788 and occupies 911,000 square feet at seven sites.