Ceradyne Inc. to Sell 1.1 Million Common Shares

Ceradyne Inc., an Irvine technical ceramics manufacturing company, said Thursday that it plans to sell slightly more than 1.1 million shares of common stock in a public stock offering next month. The company intends to use the proceeds for working capital, capital expenditures, reduction of debt and other general corporate purposes. According to a registration statement filed with the Securities and Exchange Commission, 1,132,728 shares will be offered by the company and 367,272 will be offered by selling shareholders. Ceradyne shares have been selling on the over-the-counter market for about $18 a share. Merrill Lynch Capital Markets is the sole manager of the underwriting. Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, aerospace and industrial applications.