Consolidated Offer to Buy Thermodynamic Canceled

Consolidated Energy Systems Inc., a Westlake Village developer of cogeneration and energy conservation projects, said its previously announced agreement to buy Thermodynamic Engineering Inc. of Camarillo has been canceled.

In July, Consolidated announced plans to buy Thermodynamic in an exchange of stock valued at $2.4 million. But a dispute between Consolidated and a major stockholder of Thermodynamic over the continued operating focus of Thermodynamic after the acquisition forced the agreement to be canceled, Rich Abruscato, Consolidated’s chief executive, said.

However, both sides are continuing to negotiate “to see if we can find other ways to address that point” and reach a new pact, he said.

Thermodynamic is a design and engineering firm that specializes in making testing chambers for manufacturers. Auto batteries, for instance, are tested for durability in chambers made by Thermodynamic, Abruscato said.