Campbell Machine, Inc. has agreed to purchase the business of Nuttall-Styris Co. for approximately 61,000 shares of Campbell common stock, it was announced.
Nuttall-Styris has been engaged in the ship chandlery business in San Diego since 1912. It is now the largest distributor of marine hardware and equipment in the area. Gross sales for the fiscal year ended September 30, 1968, were approximately $2-million.
Campbell Machine is a San Diego-based shipyard with 484,428 shares listed on the American Stock Exchange. Last October, Campbell purchased Bradston Rattan Products Inc., which operates manufacturing plants in National City, Calif., and Tampa, Fla., and serves a nationwide market for rattan furniture.
The announcement was made jointly by George J. Soares, president of Campbell, and Robert J. Cleator and Thomas L. Perry, managing partners of Nuttall-Styris. It emphasized that the agreement is subject to financial audit, permission of the California Corporations Commissioner, and completion of all legal formalities.
The ship chandlery business will be operated by its present management as a wholly owned subsidiary of Campbell, to be known as Nuttall-Styris, Inc.