PACIFIC SCIENTIFIC ACQUIRES BUSINESS OF UNIDYNAMICS/PHOENIX INC.
NEWPORT BEACH, Calif., April 2 /PRNewswire/ -- In a strategic expansion of its pyrotechnic business, Pacific Scientific Co. (NYSE: PSX) announced today that it has acquired the business of Unidynamics/Phoenix Inc. from Crane Co. Pacific Scientific purchased certain assets of Unidynamics/Phoenix Inc., not including real estate, for approximately $5.7 million and will consolidate the acquired business into its Energy Systems facility over the next 12 months. The acquired business, located in Goodyear, Ariz., is approximately 50 years old and started as a division of the Universal Match Co. It will be combined with Pacific Scientific's Energy Systems, located in Chandler, Ariz., and the two will be renamed Energy Dynamics Division of Pacific Scientific Co. Robert L. Day, 61, has been named president of the new division. Day was previously general manager of Energy Systems and has been with Pacific Scientific for 12 years. Approximately 100 Unidynamics/Phoenix employees will be hired by Energy Dynamics. The combined operations supply similar product lines, largely of pyrotechnics and propellants and related electro-mechanical and electronic devices. Their customers include various government agencies, such as the Department of Energy, Department of Defense and NASA government contract manufacturers, as well as industrial companies who use pyrotechnic devices in areas such as petroleum exploration. Edgar S. Brower, chairman, president and chief executive officer of Pacific Scientific Co., commented, "This acquisition will double the size of our Energy Systems business and will, at the same time, broaden our product line. The acquired company reported approximately $13 million of sales last year and should operate at about the same level this year. Given the similarities between the two companies, we expect to realize substantial savings by eliminating redundancy and maximizing the synergies between the two groups. The result will be a world-class supplier of precision pyrotechnic systems and materials." Pacific Scientific has doubled its sales over the past six years through judicious acquisitions and a transition to world-class manufacturing. For 1992, the company reported sales of $173 million, with net income of $5.4 million, or $1.00 per share. Pacific Scientific designs, manufactures and markets technology- based proprietary products. The principal markets served include factory and office automation, commercial and military aircraft, electrical utilities, semiconductor manufacturers and pharmaceutical companies. -0- 4/2/93 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714, or Joseph Allen of South Coast Group, 714-731-4341, for Pacific Scientific/ (PSX)
CO: Pacific Scientific Co.; Unidynamics/Phoenix Inc. ST: California, Arizona IN: ARO SU: TNM
MS-BP -- LA003 -- 2341 04/02/93 07:00 EST
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|Date:||Apr 2, 1993|
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