The Montecatini unit of Italian industrial conglomerate Montedison SpA exited the advanced polymer composites business Dec. 20, selling its SP Systems Inc. unit in a cash transaction to a subsidiary of American Materials & Technologies Corp. ``We will operate the business as Culver City Composites Corp.,'' said Paul W. Pendorf, president of AMTC and acting president of the subsidiary. No sale price was disclosed.
AMTC has retained H.J. Myers & Co. Inc., a Rochester, N.Y., investment banking firm, to prepare a public offering of AMTC shares by mid-1996.
The total operation employs 80, manufactures preimpregnated thermoset fiber and fabric composites in a 50,000-square-foot facility in Culver City, Calif., and has combined administrative and financial offices in Los Angeles.
Pendorf observed that ``the [plant's] production capacity is two to three times current volume.''
Pendorf said the operation holds ``a large majority of the approximately $15 million worldwide market'' for high-temperature prepregs including some that General Electric Co.'s GE Aircraft Engines unit uses in hot-gas applications. Other prepregs are produced for aircraft interior manufacturers including Boeing Co. and Airbus Industrie.
The company plans two product introductions during 1996, according to Jerry Hartman, research and development manager. One involves a CPH-2400 phenolic system with low flame-smoke-toxicity characteristics for the interior of any type of air or ground transportation vehicle.
The other is a CE-9013 epoxy system for jet aircraft engine nacelles.
Pendorf and two others formed AMTC in April to pursue opportunities for advanced composite materials. Pendorf and William Timmerman had been with XXsys Technologies Inc. of San Diego as chief executive officer and chief financial officer, respectively, and Steven Georgiev was an XXsys director. Now, Georgiev is AMTC chairman, and Timmerman, AMTC chief financial officer.
John Shoemaker, vice president and general manager of SP Systems Inc. since 1992, has resigned but will remain for a transitional period.
Montecatini, based in Milan, Italy, entered the advanced composites business with its investment in SP Systems Ltd. on England's Isle of Wight in 1990 and the acquisition of Cleveland-based Ferro Corp.'s CompositAir and SP Systems Inc. units in 1991.
Montecatini opted to concentrate on its core business in heavy chemicals and sold CompositAir in Camarillo, Calif., to Reinhold Industries Inc. of Santa Fe Springs, Calif., in May 1994 and SP Systems Ltd. to management and the DiAB Group of Laholm, Sweden, in August 1994.