Officials at Thresher Industries, a Hanford company that manufactures cast aluminum and exotic alloys for industrial parts, announced Monday that they have accepted an offer to sell the company.
Thresher CEO Tom Flessner said the company received a letter of intent on March 10. He didn't name the buyer, but said the company's board of directors held a special meeting Friday to discuss the offer.
Directors are expected to learn today whether a full shareholder meeting is needed to approve the sale.
Details of the offer, including the value, have not yet been announced but are expected to be made public today. In a statement Monday, Thresher officials said the offer "represents an extremely attractive package ... that is substantially above the current market price range."
Thresher's stock is traded on the Pink Sheets, an electronic stock bulletin board. It closed Monday at six one-hundredths of a cent per share, or $6 per 10,000 shares. Over the past week, the price for 10,000 shares has wobbled between $2 and $8.
The company, founded in 2005, operates an 18,000-square-foot foundry at a Hanford industrial park. Earlier this month, Flessner announced the company was adding four people to its staff to keep pace with increasing order volume.
Thresher's factory produces molded and pressure-cast aluminum parts for lighting, automotive and other industries, and also produces parts made of aluminum/ceramic alloys. The company works with Cal Poly State University, San Luis Obispo, on developing and testing new alloys and with the University of Wisconsin on metalworking processes.