Air Bag Maker Raises Funds in Offering
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Safety Components International Inc., a Costa Mesa manufacturer of automotive products, said that it raised $25.5 million through the sale of 1.5 million shares of common stock at $17 a share. The net proceeds from the public offering will be used primarily to construct a plant in the Czech Republic and to expand existing facilities in Ensenada, Mexico, and the United Kingdom. “This offering will enable the company to continue to implement its strategy of increasing its worldwide air bag manufacturing capacity,” said Robert A. Zummo, the company’s chief executive.
Safety Components said it will allow the underwriters, BT Securities Corp., and Prime Charter Ltd., to purchase an additional 225,000 shares to cover any excess demand. The company stock closed Wednesday at $17.56 a share, up 6 cents a share, in Nasdaq trading.
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