Warburg Pincus, a private equity firm headquartered in New York City, has closed its acquisition of Pomona-based Consolidated Precision Products Corp.
Terms of the deal, first announced in September, were not disclosed.
Consolidated Precision Products produces components for customers in the aerospace and defense industries.
Warburg Pincus purchased the manufacturer from Arlington Capital Partners, a Washington, D.C.-basee invesment firm.
[United Furniture Industries, which produces furniture for the Simmons brand, is poised to take over a manufacturing and distribution facility near Southern California Logistics Airport in Victorville.
The Mississippi-based furniture company announced plans to quickly hire 100 people and to ramp up its payroll to some 400 employees over the course of 36 to 48 months. The company announced plans to hold a job fair in October.
“UFI will begin the process of local staff development in mid October. We plan to complete a soft opening of manufacturing and distribution operations in November. We expect our employment to exceed 100 people early in the first quarter of 2012,” United Furniture Industries spokesman Bob Cottam said in a statement.
The furniture company is set to lease a 505,192-square-foot facility from Stirling Capital Investments, which is the master developer for the Southern California Logistics Complex near the airport.
Joseph Brady of Bradco Cos. represented United Furniture Industries in the lease transaction. Jay Dick and Mark Latimer of CB Richard Ellis represented Stirling.
Hyden Industrial Products, a manufacturer of heat exchangers employed to cool equipment used in the power generation, construction, fluid power and agriculture industries, will move from Corona to San Bernardino.
The San Bernardino Valley Enterprise Zone announced the move Wednesday. The Enterprise Zone is part of a state tax incentive program and its territory includes land in San Bernardino, Colton and nearby unincorporated areas.
Companies inside Enterprise Zones can receive tax credits for hiring new workers and other investments.
Hyden Industrial products has 66 employees and is moving to a 109,000-square-foot building at 1393 E. San Bernardino Ave. The move is expected to be completed by the end of fall.