Standard Pacific Unit Buys Tandem Equipment
Standard Pacific Corp. said Monday that its wholly owned Panel Concepts Inc. subsidiary has purchased, for $450,000, equipment and inventory belonging to the Tandem Group, a privately held Buena Park office furniture maker which went bankrupt earlier this year.
Based in Santa Ana, Panel Concepts subsidiary manufactures wall panels and office furniture. During 1985, the subsidiary had net earnings of about $2 million on revenues of $20 million, said Robert St. Lawrence, chief financial officer of Standard Pacific. As previously reported, Costa Mesa-based Standard Pacific posted 1985 net earnings of $19.4 million on revenues of $265.8 million. Panel Concepts, which has factories in Orange County and North Carolina, will assume the lease on Tandem’s 132,000-square-foot manufacturing plant, as well as integrate the bulk of the bankrupt company’s product line into its own, said St. Lawrence.