E. N. Phillips Will Not Acquire Sierra Tech

E. N. Phillips Co., a troubled Woodland Hills company, is no longer in negotiations to acquire Sierra Tech, a North Hollywood aircraft parts manufacturer.

E. N. Phillips Chairman Hal B. Phillips said only that the proposed purchase “didn’t meet the requirements that we had established . . . for the benefit of our shareholders. It was a thing that didn’t fly.”

However, Sierra Tech Vice President Charles Platt said his company pulled out of the negotiations because of concerns about E .N. Phillips’ financial condition.

E. N. Phillips has been looking for acquisitions after it closed all but one of its “Testing 1-2-3” health-screening centers in shopping malls because of cost-cutting by sponsoring hospitals.

Phillips said the company is looking into other acquisitions but he declined to give specifics.

The withdrawal from the Sierra Tech negotiations follows E. N. Phillips’ announcement last month of failed plans to acquire Golden American Network, a Beverly Hills-based cable network for elderly viewers.