Custom injection molder Comptec Inc. plans to add more molding plants after the company is acquired by Trionics Industries Ltd. Comptec, based in Surrey, British Columbia, also has a plant in Custer, Wash. It may add plants in Mexico and other locations in a long-term strategy to be close to customers, according to Alan Maloney, its chief operating officer.
``We will benefit from access to capital,'' Maloney said in a telephone interview.
Trionics, a public company based in Vancouver, British Columbia, agreed to buy the 45 percent of Comptec it does not already own.
Comptec's two plants have about 35 injection presses with clamping forces of 40-300 tons. Maloney said his firm plans to add a few more this year in the 150- to 200-ton range. It had sales of US$14.6 million and before-tax profit of US$613,000 for the year ended June 30.
Major markets include telecommunications and electronics equipment, auto parts and medical components. Trionics predicts Comptec's sales will grow to US$16.5 million in fiscal 1996.
Comptec will be Trionics' sole business when the buyout is done, likely by late May, according to Keith Patey, Trionics' spokesman. It acquired 55 percent of Comptec in May 1994. Trionics, formed in 1986, sold its other subsidiary, which made automated parking payment systems, last summer.
Patey said Trionics may expand Comptec through acquisitions. The firm's long-term plan is to open or acquire three or four new operations within five years. He did not disclose potential acquisitions or new plant locations.
Trionics agreed to buy 45 percent of Comptec held by its founder John Cavers and other managers.
The company will pay with 2 million common shares of Trionics, C$2 million (US$1.45 million) caash at closing, and a note worth C$3.5 million (US$2.5 million) payable in three installments ending in March 1999. It also will grand 450,000 Trionics stock options to management, employees and directors.
The Surrey facility employs about 160 in a 39,000-square-foot plant. Custer has a staff of 80 in an owned, 30,000-square-foot facility. Cavers opened both facilities about 23 years ago.
Comptec does single and multishot molding, tool design and building, decorating and assembly. It owns 19.9 percent of Comptec SA of Montauban, France, which focus on small parts.