Fullerton-based Genatron Inc., a start-up company that is developing a line of pollution-free motors and generators, has acquired 60% of another fledgling company, Clean Air Resins Inc. of Santa Ana, in a stock swap. The value of the deal, which gives Genatron a two-year option on the remaining 40% of Clean Air Resins shares, was not disclosed.
Clean Air Resins has developed a line of water-based resins for use in paints, gels, synthetic foam, coatings and other products. New clean-air rules, especially in Southern California, are expected to stimulate the development of a market for such products as a replacement for smog-causing oil-based resins.
Rick Marzicola, vice president of Genatron, said the deal is expected to close within 30 days. He said that Clean Air Resins is currently negotiating an agreement with a subcontractor to manufacture the products and that Genatron needs additional financing to begin building its engines.