Fairchild Industries Plans to Sell Off Its 2 VSI Companies
Fairchild Industries Inc. said it has signed a letter of intent to sell Stanton-based VSI Fasteners Co. for $25 million cash to a group of company officers and outside investors headed by VSI Fasteners founder Phil Furst.
VSI Fasteners markets packaged consumer fasteners, chains and accessories and rope products to hardware stores and home improvement centers throughout the United States.
Fairchild, an aerospace, commercial/industrial, communications and electronics company with corporate headquarters in Chantilly, Va., said it also has signed a letter of intent to sell Sylmar-based VSI Hardware, which together with VSI Fasteners forms Fairchild’s Hardware Products division.
VSI Hardware, a manufacturer and importer of bathroom fixtures and locksets and other home security products under the Donner and Fortress brand names, is to be sold to the division president, Charles H. Sweetman, for approximately $10 million.
The sale of the two companies, which Fairchild acquired as part of its purchase of VSI Corp. in 1980, are expected to be completed by the end of July, contingent upon the arranging of financing, Fairchild said. The corporation said the hardware companies do not fit with Fairchild’s increasing emphasis on high-technology product lines.
Ultrasystems, an Irvine-based high technology engineering company, said Tuesday that the U.S. Department of Defense has awarded it several contracts and contract extensions valued at $10.75 million. The contracts call for the company to develop computer software and to engineer systems for space programs and command, control, communications and intelligence programs by Sept. 30, 1986.
PacifiCare Health Systems of Cypress is building a new corporate headquarters at the corner of Valley View Street and Plaza Drive. The five-story, 103,000-square-foot building will provide office space for 200 employees and will replace the company’s current headquarters. Additional office space in the new building, scheduled for completion early in 1986, will be rented to other tenants, a spokeswoman for the company said. PacifiCare is a health maintenance organization owned by the Lutheran Hospital Society.
The new structure will be part of McDonnell Plaza, which is to include restaurants and a hotel in addition to office space. It is being developed by MDC Corp., a wholly owned subsidiary of McDonnell Douglas Corp.
Union Bank has moved its south Orange County regional office from Newport Center to Koll Center Irvine. The move is intended to provide a more centralized location for the bank’s business customers, said spokeswoman Susan Murdy. A real estate loans center was added to the services included at the new 27,000-square-foot facility at 18300 Von Karman Ave.
Crane Realty & Management Co., with offices in downtown Los Angeles, Santa Ana and Palm Springs, and Santa Ana-based Sachar Realty Co. Inc. have merged to form Crane/Sachar Realty & Management Co. The new company, with headquarters in Santa Ana, will continue to operate as a full real estate asset management firm, specializing in property management, leasing, brokerage and counseling. The company manages an asset portfolio of $200 million.
