Summa Industries, a Torrance-based maker of plastic components, has agreed to be acquired for about $58 million in cash by Habasit Holdings AG, a private Swiss company.
A wholly owned unit of Habasit will pay $15 a share, a 76 percent premium to Summa’s Thursday closing price of $8.51, the companies said in a statement on Friday. Habasit, based in Reinach-Basel, also will take on Summa’s $21 million in debt.
Shares of Summa rose $6.29, or 74 percent, to $14.80 on Friday, a new 52-week high.
Habasit, which produces conveyor and power transmission belts, said the acquisition will allow it to expand its U.S. presence and particularly the company’s conveyor belt operations in the States. Current management of Summa Industries and its subsidiaries will remain in place and existing U.S. operations will continue.
The proposed acquisition is subject to regulatory approval in the United States and Switzerland and a majority of Summa shareholders tendering their shares.
