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Bankrupt business has new owner

A Safety Harbor manufacturer hopes to keep Futronix Inc. operating in Homosassa after buying its assets last week for $1.38-million.

By EDDY RAMIREZ
Published September 23, 2006

SAFETY HARBOR - Locally based Sibex Inc., is the new owner of a Homosassa electronics manufacturer that last year filed for bankruptcy protection.

Sibex Inc., a contract manufacturer in Safety Harbor, purchased Futronix and all its assets last week for $1.38-million.

The transaction comes about three years after Futronix announced a major expansion that included building a world-class electronics manufacturing facility.

It is unclear what exactly led the company to file for Chapter 11 protection in April 2005. Nevin Jenkins, the founder and president of Futronix, could not be reached for comment Thursday.

The sale ended an 18-year run by one of Citrus County's few remaining manufacturers that at one point seemed poised to become a larger, publicly traded company.

New owner Michael McCarthy said Thursday that he will continue to employ Futronix's manufacturing work force, which was at 30 when Sibex officially took over last Friday. At its peak, Futronix employed 200 workers.

"We'd like to keep it going," McCarthy said. "We know the employees have families."

McCarthy serves as president of Sibex, which was founded in 1983.

He said the acquisition of Futronix is part of the company's growth strategy.

The company had been scouting additional manufacturing plants since outgrowing its 3,300-square-foot-building in Safety Harbor. It approached Futronix in February.

Sibex won't assume liabilities from the purchase of Futronix, but it would like to continue to do business with Futronix clients. Its headquarters will remain in Safety Harbor.

Including the workers in Homosassa, Sibex employs 75 engineers, draftsmen, technicians and assemblers. The company's estimated annual growth is 12 percent, according to its Web site.

"We have a lot of business that we will move to the (Homosassa) plant," McCarthy said. "We're trying to continue with any customers that were there."

Futronix made various types of electronic equipment for other companies such as circuit boards for a manufacturer of dialysis machines and remote controls for a firm that made garage door openers. The company's base was on S Dimensions Terrace, just west of U.S. 19 and south of Ozello Trail.

Among other things, Jenkins invented Design A Nail, a fingernail art machine, as well as a hands-free plant feeder, and Seasoning Sticks, used to marinate meats.

In 2002, Jenkins announced plans to grow Futronix into a larger, publicly traded firm. The plans called for building a world-class manufacturing plant in Homosassa that would provide more local jobs.

But in April 2005 the company found itself in bankruptcy court, according to court records.

Times researcher Carolyn Edds contributed to this story.

Eddy Ramirez can be reached at eramirez@sptimes.com or 352-860-7305.

[Last modified September 23, 2006, 06:35:56]