Patlex to Buy Maker of Transformers in Israel
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Patlex, a Chatsworth-based laser company, said it agreed to buy Oram Electric Industries Ltd. for $1,025,000 in cash.
Oram, an Israeli maker of transformers for the computer, telecommunications, defense and laser industries, had pretax profit of $120,000 in its last fiscal year on sales of $2.8 million, Patlex said.
It added that preliminary results for the six months ended Sept. 30 show pretax profit of $350,000 on sales of $2.6 million.
Terms of the acquisition call for Patlex to pay $600,000 immediately and to make payments of $212,500 at the end of the first and second years.
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