Trimedyne to Sell Poly-Optical Products
Trimedyne Inc., an Irvine manufacturer of laser-surgery devices, said it has agreed to sell its 90%-owned Poly-Optical Products Inc. subsidiary to E. N. Phillips Co., a Woodland Hills holding company.
The purchase price was not disclosed, but Trimedyne said one-fourth of the cash payment has been made, with the balance due Sept. 15. The sale, if completed, would result in a net gain to Trimedyne of about $575,000.
The remaining 10% stake in Poly-Optical will continue to be owned by Mitsubishi Rayon Co. Ltd., a subsidiary of Mitsubishi Corp.
Poly-Optical, based in Santa Ana, manufactures plastic fiber-optic devices for a variety of applications in the automotive, medical, electronics and aerospace fields, and for the military, Trimedyne said.
The sale follows two recent aborted acquisition attempts by E. N. Phillips, one for a Beverly Hills cable television network and the other for a North Hollywood aircraft-parts manufacturer.
In the past year, E. N. Phillips has closed all but one of its Testing 1-2-3 health-screening centers in shopping malls. In the nine months that ended June 30, E. N. Phillips lost $1.3 million on sales of $766,259.
