TORRANCE, CALIF. — Summa Industries increased its stake in the bobbin industry with the May 5 acquisition of the assets of Yarbrough-Timco of Rancho Cucamonga, Calif. Terms were not disclosed.
Yarbrough-Timco employs four and has annual sales of about $1 million. The company distributes and manufactures precision thermoplastic and thermoset coil forms for wound electrical components such as transformers and relays. Bobbins also are used in motors and switches.
Yarbrough-Timco operated as a division of an unidentified, privately held manufacturer of unrelated products in New York.
Summa is evaluating whether to continue production in Rancho Cucamonga or relocate the operation to either of Summa's two Illinois bobbin manufacturing sites. Last year, Summa acquired Plastron Industries LP of Bensenville, Ill., in March for $19.5 million and Broadview Injection Molding Co. Inc. of Broadview, Ill., in September for $1.6 million.
Subsequently, bobbin production at Summa's Ny-Glass subsidiary in Corona, Calif., was moved to Illinois, said James Swartwout, Summa chairman, president, chief executive officer and chief financial officer. Ny-Glass is doing more injection molding for other Summa subsidiaries and expanding its business lines, he said in a telephone interview.
Torrance-based Summa operates 10 manufacturing facilities in six states and reported profit of $3.3 million on sales of $58.6 million for the six months ended Feb. 29.