Calnetics Calls Off Plans for Acquisition

Calnetics Corp., a Chatsworth maker of molded plastic fittings and tubing, announced that it has called off its $16.9-million deal to acquire a Palm Springs company that manufactures packaging and grounding products for the electronics industry.

The announcement came nine days after Calnetics revealed plans to purchase Richmond Holdings Inc. with about 3.2 million shares of common stock and to make the privately held company one of its subsidiaries.

In a prepared statement, Calnetics said the decision was a mutual one of the two companies involved.