Cimco Hires Company to Sift Takeover Queries : Manufacturing: The Costa Mesa-based firm is tight-lipped about names and numbers involved.

Cimco Inc., a manufacturer of industrial and medical plastic components, said Wednesday it has received several inquiries about selling the firm or some of its operations and it has hired PaineWebber Inc. to evaluate the feelers.

The company would not say how many inquiries it has received or identify any of the inquiring investors. Company officials would only say “more than one” investor had shown interest in buying a controlling interest or a portion of the company.

Analysts said the interest in the Costa Mesa-based Cimco may stem from some perceptions that the company would be a bargain. Its stock had been trading at four-year lows until recently. Last month, the stock dropped to a four-year low of $3.75 a share in Nasdaq trading. It has rebounded since then, and closed at $5.75 a share Wednesday, up 62.5 cents. The stock sold as high as $9.75 a share in early 1993.

The Costa Mesa company attributed the recent gains to such measures as subleasing unused facilities and combining its medical and industrial operations.

The firm has lost money in the last two fiscal years. In the year ended April 30, Cimco lost $1.5 million, or 52 cents a share, compared to net losses of $1.2 million, or 41 cents in the previous year.

Last week, Cimco said it may have to revise its previously reported financial results for the fiscal year because of new information about a customer’s finances. L. Ronald Trepp, the company’s chief financial officer, has refused to identify the customer or comment on the reasons for the review.

“The one positive thing is that revenues keep going up,” said Johnny Svoren, analyst with Red Chip Review, a stock research publishing company in Portland, Ore. Revenues rose 13% in the most recent fiscal year to $83.2 million from $73.9 million.

Three years ago, the company’s directors approved a “poison pill” to prevent hostile takeovers. Under the plan, if a raider were to buy 20% or more of the company’s stock, Cimco would issue more stock and offer the shares to existing stockholders at half the current price.

The company declined to say then whether it was under attack by a hostile suitor, but Cimco officials said they never had to implement the takeover defense.

The current inquiries have been amicable, said a Cimco spokeswoman.

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Cimco Inc. at a Glance

* Founded: 1959

* Headquarters: Costa Mesa

* President/CEO: Russell T. Gilbert

* Employees: 600, with 450 at Costa Mesa facility

* Products: Develops and manufactures high-performance plastic components for commercial, industrial and medical markets

* Other facilities: Corona; Dayton, Nev.; Charlotte, N.C., and Singapore

* Fiscal 1995 revenue: $83.2 million, up 12.7% from fiscal 1994

Source: Cimco Inc.; Researched by JANICE L. JONES / Los Angeles Times