This month 35 years ago, PHI (then a division of Tulip Corp.) acquired the machine tool division of Conrac Corp.
The Los Angeles Times concisely reported the business transaction:
Conrac Sells Machine Tool Unit to L.A. Firm
AUG. 8, 1985 | 12 AM
STAMFORD, Conn. — Conrac Corp. said it sold its machine tool division to the Phi division of Tulip Corp. of Los Angeles.
Terms weren’t disclosed.
The division, located in Westminster, produces a proprietary line of automatic pipe and tube benders, structural beam welders and pipe-tube end-finishing equipment.
Donald H. Putnam, Conrac chairman, said the sale was part of the company’s continuing program of concentrating its resources in the communications and computer-based information display industries.