Summa to Acquire LexaLite

Summa Industries said Monday it has agreed to acquire Michigan-based LexaLite International Corp., a privately held manufacturer of lighting components, in a stock transaction.

Under terms of the deal, Summa would exchange 1.5 shares of its stock for each share of LexaLite. Shareholders of both companies still must approve the proposed acquisition.

Summa is a holding company whose subsidiaries manufacture industrial components, including engineering plastic injection-molded conveyor components. For the year ended Aug. 31, 1995, Summa earned $676,000 on sales of $10.2 million. LexaLite earned $1.3 million on sales of $32.8 million for the year ended June 30.