SOUTH SAN FRANCISCO -- Whamo Manufacturing, the Southern California makers of the famed 'Frisbee' and 'Hula Hoop,' was bought Tuesday by Kransco Inc., a privately owned company based in South San Francisco.
Ann Clementi, spokeswoman for Kransco, said the purchase price was estimated at $12 million, although the actual transaction meant purchase of Whamo stock at $16 a share.
Kransco, founded 20 years ago by John Bowes and John Rosekrans, employ some 350 people involved in the manufacture of water sporting goods and recreation equipment, including Morey boogie boards, the Snark line of sailboats and lounge furniture for pools.
It has an annual sales volume in the $25 million range, she said.
Whamo, based in San Gabriel County, last year sold $28 million worth of products and in the first six months of this year its sales volume totalled $14.6 million.
The merger of the two companies is expected to be completed by mid-October, subject to Whamo stockholders' approval.
Ms. Clementi said Kransco plans no immediate changes for the Whamo product line or its 350 employees.