Circuit Research Labs Inc. has closed on its purchase of Orban Inc. from Harman International Industries Inc. CRL/Orban will operate together as a publicly traded company. The symbol remains “CRLI” and the stock is traded over the counter.
The Orban brand will be retained and operate as a division of CRL, said Jay Brentlinger, president/CEO of CRL.
Bob Orban, who co-founded Orban in 1970, is now chief engineer for the Orban Division.
The deal closed more than five months after the projected January date (Radio World Jan. 5, p. 7). The delay had industry observers buzzing over possible financing problems. Brentlinger said that was not the case.
“It just took longer than expected. As the auditors came in to examine the books there were major adjustments made for certain things, like obsolete inventory,” he said.
The result was a significant reduction in the purchase price. Brentlinger said CRL paid $10.5 million for Orban instead of the $15 million figure announced in December.
Brentlinger said CRL plans to “remain in the acquisition mode.” This purchase is the first step in a five-year plan to improve the company’s market share, he said.
The company plans to release a new product line this year, including Orban’s new Optimod-FM 8400 processor, which is expected begin shipping July 1.
Randy J. Stine
Orban Price Cut As Sale To CRL Closes
Orban Price Cut As Sale To CRL Closes
