CompX International

CompX International Inc. is a Dallas-based industrial manufacturer whose principal activities have centered on security products, furniture components, and recreational marine components. Rather than operating primarily as a consumer-facing brand, CompX supplies specialized hardware and equipment to original-equipment manufacturers, distributors, and other industrial customers. Its products are positioned for applications in which security, durability, controlled access, corrosion resistance, or specialized fit and finish are important. The company began operations on August 4, 1993. It became a publicly traded company through an initial public offering completed in March 1998, when its shares began trading on the New York Stock Exchange under the symbol CIX. The business subsequently expanded through acquisitions and organizational changes. In January 2000, CompX acquired Chicago Lock Co. for approximately $9.2 million in cash, funded through its existing credit facility. The transaction strengthened the company's lock and security-product activities. CompX also changed the location of its corporate headquarters during its early development, moving from Mauldin, South Carolina, to Houston in 1999; later reference material identifies Dallas, Texas, as the company's base. CompX became part of NL Industries' controlled portfolio in September 2004, when NL Industries acquired approximately 68 percent of the company for about $168.6 million. The relationship made CompX an operating subsidiary within the broader NL Industries group while allowing it to retain a distinct industrial operating identity. CompX's history therefore differs from that of NL Industries' former lead and paint businesses: it is a separate manufacturer focused on engineered components and security-related products. The company's reported operating structure has included three principal segments. Security Products covers locks and related access-control hardware used in applications such as furniture, equipment, transportation, and other specialized installations. Furniture Components has included mechanisms and hardware supplied to furniture manufacturers and distributors. Marine Components serves the recreational boating market with specialized components designed for vessel interiors, access, and related equipment. The exact composition of these activities has changed over time. In December 2012, CompX sold its Furniture Components operations to Knape & Vogt Manufacturing Company for approximately $59 million in cash, reducing the scope of that segment and concentrating the company more heavily on security and marine-related activities. CompX's commercial model is principally business-to-business. Its products reach end users through OEM programs, industrial distributors, and other commercial channels rather than through a large branded retail network. The company has been described as one of the larger manufacturers in its niches, but the available reference material does not establish a current revenue figure, employee count, geographic sales breakdown, or complete catalog. CompX remains associated with NL Industries and is treated as an active industrial company, although current executive details and present segment reporting require verification from contemporary company filings.

CompX International began operations on August 4, 1993, as a manufacturer focused on specialized security and component products. Its early corporate base was in Mauldin, South Carolina, before the company moved its headquarters to Houston in 1999. The business pursued growth through both internal development and acquisition, building a portfolio that included security products, furniture components, and recreational marine components. A major early transaction occurred on January 11, 2000, when CompX acquired Chicago Lock Co. for approximately $9.2 million in cash. The acquisition was financed through the company's existing credit facility and expanded its presence in lock and security hardware. In May 2002, CompX reached an agreement to close its Dallas corporate office, reflecting further changes in its administrative organization. CompX's ownership structure changed substantially in September 2004. NL Industries completed the acquisition of approximately 68 percent of CompX International for about $168.6 million. CompX consequently became a controlled subsidiary of NL Industries while continuing to operate under its own name and maintain its industrial product activities. The company later streamlined its portfolio. In December 2012, CompX sold its Furniture Components operations to Knape & Vogt Manufacturing Company for approximately $59 million in cash. The divestiture reduced one of its three established operating areas and represented a shift toward the security-products and recreational-marine businesses. CompX is described as serving OEMs and distributors with products intended for demanding or high-end applications. Its security activities include locks and related hardware, while its marine activities address specialized recreational boating components. Available reference material does not provide enough current information to establish a complete account of later acquisitions, product launches, management changes, financial performance, or the company's present operating footprint. Contemporary filings should be consulted for an updated corporate and segment history.

• 2012

  Furniture Components divestiture

  [1]NL Industriesen.wikipedia.org

  CompX sold its Furniture Components operations to Knape & Vogt Manufacturing Company.

• 2004

  NL Industries takes control

  [1]NL Industriesen.wikipedia.org

  NL Industries acquired approximately 68 percent of CompX International.

• 2002

  Dallas corporate-office closure agreement

  [1]NL Industriesen.wikipedia.org

  CompX reached an agreement to close its Dallas corporate office.

• 2000

  Chicago Lock acquisition

  [1]NL Industriesen.wikipedia.org

  CompX acquired Chicago Lock Co. for approximately $9.2 million in cash.

• 1999

  Headquarters move to Houston

  [1]NL Industriesen.wikipedia.org

  The company moved its corporate headquarters from Mauldin, South Carolina, to Houston.

• 1998

  Initial public offering

  [1]NL Industriesen.wikipedia.org

  CompX completed its initial public offering in March 1998 and began trading on the New York Stock Exchange under ticker CIX.

• 1993

  Operations begin

  [1]NL Industriesen.wikipedia.org

  CompX International began business on August 4, 1993.

A business-to-business manufacturer of specialized, high-end security hardware and recreational marine components, emphasizing engineered performance and OEM/distributor supply relationships.

• Security hardware

  Security Products

  CompX's Security Products business covers locks and related access-control hardware for specialized commercial, industrial, furniture, equipment, and other OEM applications. The products are supplied through manufacturers and distributors and are positioned for applications requiring controlled access, reliable operation, and specialized configurations.

• Furniture hardware

  Furniture Components

  Furniture Components was one of CompX's historical operating segments and supplied hardware and mechanisms to furniture manufacturers and distributors. CompX sold this business to Knape & Vogt Manufacturing Company in December 2012, so it is no longer presented here as a current CompX offering.

• Recreational marine equipment

  Marine Components

  The Marine Components business supplies specialized components for the recreational boating market. These products are intended for integration into boats and related marine applications, where durability, fit, and resistance to demanding operating conditions are important.

• Locks and security components · 2000

  Chicago Lock products

  The Chicago Lock product line entered CompX's portfolio through the January 2000 acquisition of Chicago Lock Co. It represents the company's historical expansion in specialized lock and security hardware for OEM and commercial uses.

• 2012

  Divestiture of Furniture ComponentsStrategy

  Background

  CompX reorganized its portfolio by disposing of its Furniture Components operations.

  Action taken

  The company sold the business to Knape & Vogt Manufacturing Company for approximately $59 million in cash.

  Aftermath

  CompX reduced its operating scope in furniture hardware and concentrated its portfolio more heavily on security and marine components.

  Divestiture proceeds. Approximately $59 million cash proceeds (December 2012)

  Source

• 2004

  NL Industries acquires a controlling interestM&A

  Background

  NL Industries expanded its industrial holdings by acquiring control of CompX International.

  Action taken

  NL Industries acquired approximately 68 percent of CompX for about $168.6 million.

  Aftermath

  CompX became a controlled subsidiary of NL Industries while continuing to operate under its own corporate identity.

  Acquisition consideration. Approximately $168.6 million (September 2004)

  Source

• 2000

  Acquisition of Chicago Lock Co.M&A

  Background

  CompX sought to expand its security-products activities through an acquisition of Chicago Lock Co.

  Action taken

  CompX completed the purchase in January 2000 for approximately $9.2 million in cash, financed through its existing credit facility.

  Aftermath

  The transaction added Chicago Lock's security-product activities to CompX's portfolio.

  Acquisition consideration. Approximately $9.2 million cash consideration (January 2000)

  Source

1. 1NL Industriesen.wikipedia.org
2. 2CompX Internationalcompx.com