Datum Inc. Signs Letter of Intent to Buy Firm
Datum Inc., an Anaheim-based company the manufactures precision frequency and timing instruments for various military and commercial uses, said that it has signed a letter of intent to acquire Croven Crystal Ltd. of Canada from Oak Industries.
Louis B. Horwitz, president of Datum, said that the acquisition will be made for a combination of cash and warrants. He declined to reveal the total amount, but said that the majority of the transaction will be in a cash amount “somewhat less than (Croven’s) annual sales†of $7.5 million.
Horwitz said that the companies are aiming for a June 30 completion date for the transaction.
He said Croven will remain at its present location in Whitby, Canada, and that no changes in the structure of the company or in its work force are planned.
Croven produces quartz crystals which will be used in the electronic oscillators made by Datum’s Frequency and Time Systems Inc. subsidiary in Beverly, Mass., and its Spectrum Technology Inc. subsidiary in Goleta.
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