(BSNS WIRE) Pen Interconnect Signs Letter Of Intent To Purchase Dallas,
Pen Interconnect Signs Letter Of Intent To Purchase Dallas, Texas, Contract
Manufacturing Company
Business Editors
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 27, 1999--Pen
Interconnect, Inc. (OTC BB: PENC), announced today that it has signed
a letter of intent to purchase The Gammon Group, a private contract
manufacturing company in Dallas, Texas, and a local affiliate of
Gammon.
The Gammon Group, and its affiliate currently manufacture for the
electronics and medical industries products such as electronic
assemblies, power supplies and cabinets as well as motor generators
for the RV and boating industries. They have combined annual revenues
in the $10 million range.
"The Dallas-Fort Worth area is expanding rapidly and the need for
contract manufacturing is readily evident," said Stephen J. Fryer, Pen
Interconnect President & CEO. "This acquisition expands Pen
Interconnect's directed focus on contract manufacturing and power
supply design and manufacturing in a geographic area about which we
are enormously bullish."
Terms of the acquisition, which will be a stock transaction, were
not disclosed. "We will retain the excellent management at the Gammon
Group and it will become a wholly owned division of Pen Interconnect,"
Fryer said. "We anticipate closing this transaction before the end of
the year." |
