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Hot Market Spurs IPO at Kaynar Technologies.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, February, 1997 by Mouchard, Andre
FULLERTON, Calif.--Feb. 27--Aerospace supplier Kaynar Technologies said Wednesday that it plans to raise about $24 million in its first-ever stock sale, less than four years after its predecessor company filed for Chapter 11 bankruptcy protection.
The 1,100-employee company, which makes fasteners and other parts used in commercial and military jets, plans to put 2 million shares of stock on the market at about $15 a share. About 1.8 million shares will be sold directly by the company, with the remainder being sold by majority owner General Electric Capital Corp.
After the sale, new investors will own 21 percent of Kaynar. GE Capital's stake will be 61 percent.
Kaynar recently has enjoyed strong growth, spurred mostly by a rebound...
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