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Compass Plans Initial Stock Offering

June 10, 1997|(Bloomberg News)

Through an initial public offering, Compass Plastics & Technologies Inc. plans to sell a 21.3% stake in the maker of bodies for television and computer monitors. The Gardena-based company, previously called AB Plastics Holding Corp., plans to sell 1.3 million common shares at $7.50 each, according to a statement filed with the Securities and Exchange Commission. That price would give Compass, with 6.1 million shares to be outstanding, a market value of $45.8 million. Compass plans to raise $8.1 million in the stock sale, after underwriting expenses. About half will be used to help expand and improve its manufacturing operations; the rest will be used to pay down debt. Cruttenden Roth Inc. will underwrite the sale of shares, which the company plans to have trade on Nasdaq under the symbol CPTI.

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