Compass Plastics & Technologies Inc. of Gardena, Calif., and CHF Capital Partners of Menlo Park, Calif., reached an agreement in principle March 5 calling for a CHF affiliate to acquire Compass' MOS Plastics Inc. unit in San Jose, Calif., for $10.5 million.
Compass announced it is working through funding and debt issues that require the sale of assets and a concentration of electronics-related parts manufacturing in a Tijuana, Mexico, molding-assembly facility.
Compas bought the MOS injection molding and mold-making operation for $17.4 million from Werner and Carolyn Schulz in February 1998.
Nasdaq delisted CPTI's common stock March 23 because the company was not current in filings with the Securities and Exchange Commission. Compass has not filed a Form 10-K for the fiscal year ending Oct. 25, but it filed a first quarter report.
That 10-Q, filed March 17, said Compass lost $1.1 million on sales of $13.6 million for the quarter ending Jan. 24. Compass had a profit of $216,000 on sales of $10.8 million in the previous fiscal year's comparable quarter.
Compass Plastics makes enclosures, components and subassemblies for computer, electronics and medical markets.