Security Pacific Finances Fluorocarbon Co. Purchase
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Security Pacific National Bank said Wednesday that it provided $65 million to finance Fluorocarbon Co.’s recent acquisition of the industrial polymers division of Eaton Corp.
The financing consists of a $30-million term loan and a $35-million revolving credit line. Security Pacific Business Bank underwrote the entire amount. The bank said Rainier Bancorp. of Seattle will participate in the financing.
Fluorocarbon, based in Laguna Niguel, manufactures rubber and plastic products. The acquisition is expected to increase the company’s annual sales from $98 million last year to more than $200 million by 1988.
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