Cimco’s Ex-Owner Loses Bid to Regain Unit

The former owner of Cimco Inc. has lost his legal battle to regain part of the business that he sold to a Cleveland company two years ago.

An Orange County Superior Court jury ruled last month that the M.A. Hanna Co. didn’t commit fraud or breach any contract in rejecting Russell T. Gilbert’s offer to buy back the Cimco’s core plastic molding division. Hanna sold that unit to InteSys Technologies Inc. for $14 million.

Gilbert alleged that he had an oral agreement to buy the division back for $18 million after Hanna acquired Costa Mesa-based Cimco. At the time of the purchase, Hanna said it only wanted Cimco’s fast-growing unit that made plastic fillers.

Hanna agreed to enter negotiations to sell the molding business back to Gilbert, Cimco’s founder. But Hanna said Gilbert failed to fulfill an agreement showing that his offer was fair and that he had financing.