Sarna Polymer Holding Inc. is disposing of the remnants of its diverse Sarnatech division, which makes products ranging from ball bearings to packaging, to focus on auto parts and construction products.
The Sarnen, Switzerland-based firm is selling Sarnatech (Schweiz) AG of Vallorbe, Switzerland, to Galt Industries Inc., a New York-based firm headed by George Votis. Votis is former majority owner and chief executive officer of Moll Industries Inc., a Davie, Fla.-based injection molder that filed for Chapter 11 protection from creditors in September.
Votis confirmed the Sarna deal in a Dec. 5 telephone interview, but he declined to discuss details. He said Galt has existing injection molding interests.
Sarnatech (Schweiz) molds components for the electronics and telecommunications industries. The unit has annual sales of 16 million Swiss francs ($10.8 million), runs one plant in Vallorbe, operating an undisclosed number of injection molding machines with clamping forces of 35-200 tons. Galt intends to continue operating the facility, retaining existing employees, according to Sarna.
Sarna decided in October 2001 to concentrate on two of its three divisions: Sarnafil, which makes waterproofing construction products, and Sarnamotove, which injection molds for the auto industry. Since then, operations within the Sarnatech division have been sold, closed or integrated into the remaining divisions.
In another recent deal, Sarna sold Sarnatech Rolla AG of Grenchen, Switzerland, a specialist in micro-injection molding, in a management buyout. Terms were not disclosed. Rolla makes components for the telecommunications, information technology and medical technology sectors.
The business, which Sarna acquired in 1999, has annual sales of 4 million Swiss francs ($2.7 million) and employs 20. The new owners include development director David Graf and board members Rudolf Freiermuth and Rolf Bucher. The management buyout team has renamed the subsidiary Rolla Micro-Synthetics AG.
Sarna, which employs 4,000 worldwide, made an operating profit of about 50 million Swiss francs ($34 million) on sales of 956 million francs ($650 million) during 2001.
The sales of the two Swiss units were announced too late to be included in a story about Sarna on Page 10 of this issue.