Fluorocarbon Co., the Laguna Niguel-based rubber and plastics molder, has agreed to sell its Leetsdale, Pa., urethane molding division to a group of investors headed by the division’s general manager.
Peter Churm, Fluorocarbon’s chairman, said he had promised the division’s purchasers that the exact price of the deal would not be disclosed and would say only that the selling price was “in excess of $1 million and under $2 million.”
Fluorocarbon acquired the division seven years ago, and since that time, Churm said, the markets the division served “had shown little growth. . . . It’s a nice little business but very static--and we don’t like static businesses.” The 35-employee division had pre-tax revenues of $360,000 on sales of $3.3 million in 1985.
Churm said the sale occurred after Fluorocarbon notified personnel at the Pennsylvania facility that it would be consolidated with another of Fluorocarbon’s manufacturing plants. Instead, the division’s general manager, Joseph Scaletta, put together an investors group to purchase the plant.
Last year, Fluorocarbon sold its 250-employee semiconductor division in Anaheim to a group of investors composed partly of that division’s managers.
Despite selling off two of its divisions in the last 14 months, Churm said Fluorocarbon is “really in a buy mode and not a selling mode.” He said he expects the company to make several acquisitions this year.