Cleveland’s M.A. Hanna Co. Completes Offer for Cimco
Cleveland-based M.A. Hanna Co. on Thursday picked up 95% of the shares of Cimco Inc. for $32.55 million, completing its tender offer for the plastics maker.
Hanna, an international specialty chemicals company, also has agreed to assume about $18 million in Cimco debts, making the deal worth $50 million, said Russell T. Gilbert, Cimco’s founder and president.
Gilbert said Hanna will formally close the deal next week when it pays Cimco stockholders $10.50 a share and transfers control.
Soon after, he said, Hanna will sell the plastics molding part of the business back to him in a private transaction for less than $6 million. Gilbert will continue managing the three Costa Mesa plants with 300 employees and a Nevada plant with 75 employees.
Gilbert retained rights to the Cimco name, which he’ll use for the new privately held company.