When Calnetics Corp. and Summa Industries scrapped their definitive merger agreement recently, it was not the result of any major problem, according to a Summa official.
``There was no cataclysmic event or circumstance,'' James R. Swartwout, Summa chairman, president and chief executive officer, said in a telephone interview.
As previously reported, the firms announced May 7 they had terminated their definitive agreement to merge Chatsworth, Calif.-based Calnetics into a unit of Torrance, Calif.-based Summa. The pact had yet to be approved by both firm's shareholders.
Clinton G. Gerlach, Calnetics chairman, CEO and 40 percent owner, will turn 71 on June 18, and observers believe he is interested in making a transition. A short-lived 1996 effort to merge Richmond Holdings Inc. into a Calnetics unit was announced April 13 and terminated April 26.
Swartwout said operating results for Summa and Calnetics have improved, but both found the price of their shares declining on the Nasdaq National Market.
``We are aware of the trend in stock prices from the time we entered into the agreement,'' he said.
During negotiations, Summa replaced the president at its recently acquired LexaLite International Corp. subsidiary in Charlevoix, Mich. Jeffrey H. Roski was named LexaLite president and CEO on April 22, succeeding Thomas M. Phillips, who left to pursue other interests. Summa bought the maker of engineered plastic optical components Nov. 21.