SAN DIEGO — Prepreg maker Cape Composites Inc. of San Diego recently named Mark Snyder president. Snyder succeeds David Abrams, who left Cape on March 31, saying he made a personal decision to return to the mergers-and-acquisitions business.
Zoltek Cos. Inc. acquired Cape for $300,000 and assumption of $2.4 million in debt Oct. 1 and Structural Polymer Holdings Ltd., known as SP Systems, for $30 million and 2.5 million shares of common stock Nov. 19. Both operations within the newly formed composite intermediates business segment give downstream capability to St. Louis-based Zoltek, which makes carbon fiber.
Cape makes preimpregnated materials of carbon fiber for sporting goods, had sales of about $6.5 million for the fiscal year ended Sept. 30 and occupies 35,000 square feet.
