Calnetics Corp. to Merge Into Summa Subsidiary

Calnetics Corp. of Chatsworth, a plastic components company, and Summa Industries of Torrance have reached an agreement to merge Calnetics into a Summa subsidiary for cash.

Under the terms of the agreement, each outstanding share of Calnetics common stock would be converted into the right to receive $7.35 in cash.

Calnetics was set to merge earlier this year into a subsidiary of Summa for a combination of cash, debentures and Summa common stock, but the deal was terminated by mutual consent May 7.

Consummation of the merger is subject to Summa’s ability to obtain financing and approval by Calnetics shareholders in a meeting to be held in September. Summa designs and manufactures injection-molded plastic optical components for the lighting industry and Calnetics manufacturers plastic components for the building materials and industrial plastics industry.