IRVINE — Modtech Inc., a Perris-based manufacturer of modular classrooms, announced Wednesday that it has signed a letter of intent to merge with Besteel Industries, an Irvine company that builds modular structures for prisons and the petroleum industry.
Chief executives of the two companies issued a joint statement saying that the merger would give both companies a boost by providing economies of scale and would provide each with manufacturing facilities closer to untapped markets. The statement said the companies hope to complete the merger by the first half of 1993. Company spokesmen were unavailable for comment.
