Pro-Dex (Nasdaq: PDEX) has apparently sold off its Fineline Molds division to a corporation created by the division’s general manager.
Effective May 23, Irvine, Calif.–based Pro-Dex sold San Dimas, Calif.–based Fineline for $310,000 — $30,000 in cash upfront and the remaining $280,000 to be paid under the terms of a five-year promissory note, according to a recent U.S. Securities and Exchange Commission filing from Pro-Dex. They buyer is Four Boys Industries, a California corporation created by Mike Bynum.
A LinkedIn profile for Bynum lists him as Fineline’s general manager since 2016, as well as the general manager of San Dimas, Calif.–based Bolide Technology Group since 2006.
Pro-Dex previously bought Fineline during its fiscal 2015 year, according to its most recent annual report with the SEC. Fineline provides plastic injection molding for a variety of industries. Pro-Dex’s products are found in hospitals, dental offices, and medical engineering labs worldwide.
Last year, Pro-Dex disbanded the Engineering Services Division at Fineline. The division continued to provide engineering consulting services, but no longer provided engineering placement.
