Crane adds Sequentia to acquisition spree
STAMFORD, CONN. — Crane Co. of Stamford is buying fiberglass panel maker Sequentia Holdings Inc. of Strongsville, Ohio. The deal, announced June 18, will complete a process Crane started last year when it bought Sequentia's transportation product lines.
Sequentia manufactures fiber-reinforced plastic panels for the construction industry at its plants in Grand Junction, Tenn., and Houston.
The deal's terms were undisclosed. Crane officials could not be reached for comment.
If the sale passes federal antitrust scrutiny, Sequentia's operations will merge into those of Crane subsidiary Kemlite Co. Inc. of Joliet, Ill. Kemlite's fiberglass panels are used in refrigerated trucks, recreational vehicles and in construction applications.
Another division of Crane, Cor Tec Co., also produces fiberglass panels with foam or plywood cores for the truck trailer and construction markets.
Publicly held Crane makes an array of engineered industrial products and claims the top spot among American door, window and millwork distributors.
Even before the deals, Crane was on an acquisition spree, snatching up 18 firms since 1992.
Crane's 1997 sales topped $2 billion.
Sequentia began as the Reinforced Plastics Division of resin supplier Reichhold Chemicals Inc. In the early 1980s, Sequentia became a separate entity after a management-led buyout.
Standard & Poors estimates Sequentia's 1997 sales between $55 million and $60 million.
Maax to reduce debt with sale of shares
STE. MARIE DE BEAUCE, QUEBEC —Plastic bathware producer Maax Inc. on July 7 completed a public offering of 5 million common shares.
The Ste. Marie de Beauce-based firm said it issued the shares at C$19.30 (US$13.12) for total proceeds of C$96.5 million (US$65.6 million). It will use most of the funds to reduce bank debt related to recent acquisitions and use the rest as working capital for internal growth and acquisitions.
Aquarium fabrication eats up the acrylic
GRAND JUNCTION, COLO. — Reynolds Polymer Technology Inc. used 130,175 pounds of acrylic for the $117 million Aquarium of the Pacific in Long Beach, Calif.
Reynolds cast 22 viewing panels and pieces at its plant in Grand Junction, the company said.
The 142,000-gallon predator tank, showing 400 top-of-the-food-chain fish, has three curved panels, together measuring about 27.2 feet wide on the arc and 25.2 feet high. Each panel weighs 13,462 pounds.
The 350,000-gallon, deep-reef tank features a curved viewing panel measuring almost 36 feet wide on the arc by nearly 10 feet high and weighing 11,906 pounds.
For the aquarium's Great Hall of the Pacific, Larson Co. of Tucson, Ariz., built life-sized polyurethane and fiberglass sculptures of an 88-foot-long female blue whale and a 21-foot calf. Eighteen cables hold the 8,375-pound mother aloft, and three support the 450-pound baby.
Microsoft, Chrysler using Comtec parts
SURREY, BRITISH COLUMBIA—Microsoft Corp. of Redmond, Wash., has ordered injection molded plastic parts from Comptec International Ltd. of Surrey.
The award followed Comptec's completion of a technology and process development program for Microsoft. With production beginning in July, Comptec will supply Microsoft's hardware manufacturing services group with parts valued at C$13 million (US$8.06 million) over three years.
Comptec is creating a fully controlled manufacturing environment and adding specialized equipment in Surrey to support the program.
Separately, a Comptec development has led to tooling and production orders for decorated backlit plastic dashboard components, expected to generate sales of C$4 million (US$2.48 million) during eight years. Some of the components will be used in new programs for Chrysler Corp.'s Dodge Neon model and Freightliner Corp. tractors.
The dashboard work constitutes ``incremental growth of established business'' and increases market penetration, Derek Service, vice president and general manager of Comptec International, said in a telephone interview.
The molder is a subsidiary of publicly traded Comptec Industries Ltd. of Vancouver, British Columbia, which also designs and builds PVC extrusion systems, tooling and products.