A wood-products firm in Morristown, N.J., plans to buy Navtech Industries, a privately owned electronic-equipment company here that employs 120.
Holly Products said it will buy the outstanding common stock of Navtech in exchange for 500,000 shares of Holly common stock. One-third of Holly's common stock would be held in escrow for up to two years until specified earnings criteria are met.The acquisition is expected to close by the end of the summer.
"The big problem a small business has with being successful is there's never enough money for expansion," said Lloyd Kartchner, Navtech's owner, president and founder.
Holly, a publicly traded company, reported revenues of $6 million in 1993, with much of that coming from its business of manufacturing casino furnishings.
Navtech, a contract assembler of printed circuit boards, cable assemblies and electronic chassis, had $3 million in '93 revenues.