In a move into less-cyclical businesses, Furon Co., a big player in aircraft plastics, announced Nov. 13 it is buying medical molder Medex Inc. of Hilliard, Ohio, for $160 million. Furon, with sales of $345 million for the fiscal year ended Feb. 3, offered $23.50 for all outstanding Medex shares. But should a better deal come along, Medex will pay Furon $8 million and grant Furon the chance to acquire 10 percent of Medex common stock at that $23.50 price.
Medex spokesman Michael Barilla said the firm's stock had been trading on Nasdaq at around $15 leading up to Nov. 13 and had risen to near the tender offer level following the announcement.
In late February, Furon of Laguna Niguel, Calif., announced its $19 million purchase of the Fluroglas Division of AlliedSignal Inc. Fluroglas, which manufactured polytetrafluoroethylene fabrics, sheet, film and laminates, had sales of more than $30 million in 1995. Fluroglas is based in Hoosick Falls, N.Y.
Since 1993, Furon has completed at least three contracts worth $18 million with Boeing Co. of Seattle to make foam and composite fuselage ducts for the Boeing 737 and other models. Overall, however, Furon reported a drop in its aerospace and defense business, from $36 million in 1992 to just over $30 million in 1994.
Medex reported sales of $99.3 million for its fiscal year ending in June. Medex insert molds adap-ters for medical tubing, and injection molds disposable medical products for original equipment manufacturers. It also makes some metal products.
Medex has domestic operations in Ohio and Georgia and operates subsidiaries in the United Kingdom, Germany and France.