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Summa Industries

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BUSINESS
January 10, 1994
Nature of business: Designs and manufactures industrial equipment Total employees: 227 In Orange County: 67 Stock listing in The Times: On Nasdaq "Summa" Ticker symbol: "SUIN" Friday's stock close: $6.25 One-week change: Down $0.25 Analyst review: "Summa Industries used to be called Morehouse Industries. It changed its name and offered a one-for-four reverse stock split last month. Things were stagnant for them for a while, with sales slow and costs creeping up.
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BUSINESS
March 22, 2001 | SARAH HALE, TIMES STAFF WRITER
Summa Industries said Wednesday that it will cut about 13% of its work force, nearly 130 jobs, in hopes of reducing costs after a significant drop in fiscal second-quarter earnings as sales slowed for its molded plastic parts. Torrance-based Summa, which employs about 1,000 people, said the general economic downturn coupled with slowing demand for its products caused a 60% drop in profit for its fiscal second quarter ended Feb. 28.
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BUSINESS
June 1, 1996
Summa Industries Inc. has signed an agreement to sell its Morehouse-Cowles Inc. unit to a private investment group for an undisclosed amount of cash and notes. Morehouse designs, manufactures, installs and services high-viscosity mixing and milling machinery. The unit represents about 40% of Summa's revenue but has not been profitable in recent periods, a spokesman said. Summa said it doesn't expect the transaction to result in a gain or loss.
BUSINESS
December 5, 2000
* Torrance-based Summa Industries has acquired the belt and chain division of privately held Rainbow Industrial Products Corp. for $5.8 million in cash. Summa, which makes engineered industrial plastic components, said the deal would add 2 cents per share to its earnings for the nine-month period ending Aug. 31. Reading, Pa.-based Rainbow is a maker of injection-molded modular plastic conveyor belts and chains.
BUSINESS
June 22, 1996
Summa Industries, a manufacturer of industrial equipment and engineered products, reported lower profit in the fiscal third quarter while sales rose 11%. Net income for the quarter ended May 31 totaled $193,000, or 12 cents a share, which included a loss of $14,000 from Summa's Morehouse-Cowles Inc. subsidiary, which was sold May 31. Summa had net income of $202,000, or 13 cents a share, for the like period last year. Sales rose to $3.1 million from $2.8 million.
BUSINESS
March 22, 2001 | SARAH HALE, TIMES STAFF WRITER
Summa Industries said Wednesday that it will cut about 13% of its work force, nearly 130 jobs, in hopes of reducing costs after a significant drop in fiscal second-quarter earnings as sales slowed for its molded plastic parts. Torrance-based Summa, which employs about 1,000 people, said the general economic downturn coupled with slowing demand for its products caused a 60% drop in profit for its fiscal second quarter ended Feb. 28.
BUSINESS
May 29, 1996
Summa Industries said Tuesday that several former directors of a subsidiary, KVP Systems Inc., have exercised options at $5.20 per share to acquire an aggregate of 25,000 shares--or 1.3%--of Summa Industries common stock. The individuals weren't identified. Summa acquired KVP in 1993.
BUSINESS
December 21, 1993
New Name Reflects New Lines: Morehouse Industries Inc. said it has changed its name to Summa Industries to reflect its move into new product lines and has approved a series of stock splits in which four Morehouse common shares become one share of Summa common stock. Summa Industries shares are scheduled to begin trading Wednesday on the Nasdaq market under the symbol SUIN. The company is not related to Summa Corp., the Las Vegas real estate development firm.
BUSINESS
December 5, 2000
* Torrance-based Summa Industries has acquired the belt and chain division of privately held Rainbow Industrial Products Corp. for $5.8 million in cash. Summa, which makes engineered industrial plastic components, said the deal would add 2 cents per share to its earnings for the nine-month period ending Aug. 31. Reading, Pa.-based Rainbow is a maker of injection-molded modular plastic conveyor belts and chains.
BUSINESS
November 4, 1997
Shareholders at Calnetics Corp. have overwhelmingly approved the sale of the company for $7.35 a share to Summa Industries based in Torrance. Calnetics, which was headquartered in Chatsworth, is a maker of various plastic fittings and components used in the building materials and agricultural industries. Calnetics said that 99% of the shares voted were in favor of the deal.
BUSINESS
July 8, 1997
Calnetics Corp. of Chatsworth, a plastic components company, and Summa Industries of Torrance have reached an agreement to merge Calnetics into a Summa subsidiary for cash. Under the terms of the agreement, each outstanding share of Calnetics common stock would be converted into the right to receive $7.35 in cash.
BUSINESS
June 22, 1996
Summa Industries, a manufacturer of industrial equipment and engineered products, reported lower profit in the fiscal third quarter while sales rose 11%. Net income for the quarter ended May 31 totaled $193,000, or 12 cents a share, which included a loss of $14,000 from Summa's Morehouse-Cowles Inc. subsidiary, which was sold May 31. Summa had net income of $202,000, or 13 cents a share, for the like period last year. Sales rose to $3.1 million from $2.8 million.
BUSINESS
June 18, 1996
Summa Industries said Monday that it has completed the sale of its Morehouse-Cowles Inc. subsidiary to a private investment group for $750,000 in cash and $1.77 million in notes. Summa, which still owns industrial firefighting equipment maker GST Industries in Santa Ana, said it will move its corporate office and three top employees closer to president James Swartwout's Torrance-area residence.
BUSINESS
June 1, 1996
Summa Industries Inc. has signed an agreement to sell its Morehouse-Cowles Inc. unit to a private investment group for an undisclosed amount of cash and notes. Morehouse designs, manufactures, installs and services high-viscosity mixing and milling machinery. The unit represents about 40% of Summa's revenue but has not been profitable in recent periods, a spokesman said. Summa said it doesn't expect the transaction to result in a gain or loss.
BUSINESS
May 29, 1996
Summa Industries said Tuesday that several former directors of a subsidiary, KVP Systems Inc., have exercised options at $5.20 per share to acquire an aggregate of 25,000 shares--or 1.3%--of Summa Industries common stock. The individuals weren't identified. Summa acquired KVP in 1993.
BUSINESS
November 4, 1997
Shareholders at Calnetics Corp. have overwhelmingly approved the sale of the company for $7.35 a share to Summa Industries based in Torrance. Calnetics, which was headquartered in Chatsworth, is a maker of various plastic fittings and components used in the building materials and agricultural industries. Calnetics said that 99% of the shares voted were in favor of the deal.
BUSINESS
July 8, 1997
Calnetics Corp. of Chatsworth, a plastic components company, and Summa Industries of Torrance have reached an agreement to merge Calnetics into a Summa subsidiary for cash. Under the terms of the agreement, each outstanding share of Calnetics common stock would be converted into the right to receive $7.35 in cash.
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