DETROIT - Cambridge Industries Inc., an automotive supplier which has grown rapidly through acquisition of plastics companies, said it has been looking at ways to bring new investment into the company. ``We've had numerous discussions with potential investors and we continue to look at various investment options,'' said President Richard Crawford in a statement issued to Plastics News. ``However, we can't confirm or deny any specific information at this time.''
Cambridge would not comment on a Nov. 13 report in ``Private Placement Report,'' a financial publication, that said affiliates of Bain Capital, a buyout firm, would acquire 39 percent of the company.
The report said Cambridge was raising $100 million in a bond offering, $95 million in bank debt and getting a $17 million ``cash infusion'' from Bain. Proceeds, the report said, were earmarked for repaying debt, redeeming warrants and common stock and paying fees and expenses.
However, on Nov. 14, financial news service Reuters Ltd. reported that Cambridge had ``pulled its proposed $150 million junk bond offering'' and opted instead for bank financing.
Spokeswoman Julie Hoffmann said the Cambridge talks with investors were geared toward furthering the company's growth plan. ``We are open to various options,'' she said.
In late October, Cambridge announced a reorganization designed to make the company more focused on specific products. The company said the reor-ganization was not related to its talks with investors.
Cambridge, based in Madison Heights, Mich., created three new divisions: Interior Trim, Exterior and Structural/Functional. The company's technical center, where its design and engineering functions are based, will support the three divisions.