Salt Lake-based Pen Interconnect Inc. and TMCI Electronics Inc. of San Jose, Calif., announced last week that they will merge. TMCI will be the surviving entity.
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The two contract manufacturing companies plan to have a tax-free exchange of shares, with each share of PENC traded to .625 shares of TMCI.TMCI produces custom-built electronic cabinets and products that Pen's custom-molded cables and power supplies fit into.