Manchester Plastics Tells of Revised Merger Plans
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Manchester Plastics Co., a Chatsworth maker of plastic sheets for the lighting and decorator industry, has entered into a restructured agreement to merge with NY-Glass Plastics, a wholly owned subsidiary of Calnetics Corp., based in Paramount, Calif.
Calnetics said that in exchange for all the capital stock of Manchester, Calnetics will pay a combination of cash, notes and stock together worth about $2.7 million, based on a recent price of Calnetics stock. Calnetics said Manchester’s chairman, Larry Sachs, would join Calnetics’ board of directors.
In April, Calnetics announced a previous version of the deal in which the company would have acquired Manchester for 917,500 shares of Calnetics stock, then worth about $3.7 million.
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