Gerlach Holding Acquires 403,500 Shares of Calnetics
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A holding company controlled by Calnetics Corp. Chairman Clinton Gerlach has acquired 403,500 shares of Calnetics common stock, bringing its total stake in the company to 39%.
Calnetics, a Chatsworth manufacturer of molded plastic components, said Larry Sacks resigned as the company’s secretary and treasurer and sold his 14% stake in Calnetics to Gerlach Holding Corp., also of Chatsworth.
The purchase price was not disclosed and the only reason the company gave for the transaction was that the price was agreeable to both Sacks and Gerlach.
Sacks also resigned as a director of Calnetics and its subsidiary, Manchester Plastics Co., Calnetics said.
Steven Strawn, president of Manchester Plastics, replaced Sacks as a Manchester director. Sacks will serve as a consultant to Calnetics through July, the company said.
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