Aldila Inc., the Poway maker of golf clubs, said it closed its sale to Mitsubishi Rayon America Inc.
The transaction that was first announced in December called for Aldila shareholders to be paid $4 per share in cash for each common share held, for an aggregate price of $22 million.
Aldila will continue as the surviving corporation after merging into a wholly-owned subsidiary of MRA. The company is now part of the Mitsubishi Chemical Holdings Corp. group, the company said.
Joining MRC will enable Aldila to capitalize on its business opportunities from the growing demand for carbon fiber based materials in a number of industries, the company said.
MRC offers a global graphite golf shaft product lineup under the Mitsubishi Rayon brand, and there are unique synergies for growing the two business segments by joining with Mitsubishi Rayon, said Peter Mathewson, Aldila’s CEO.
— SDBJ Staff Report