| SRI Holding Declared Insolvent |
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| Written by Mike Buetow | |||
| Tuesday, 10 July 2012 09:20 | |||
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DURACH, GERMANY-- Another Top 50 EMS company is undergoing reorganization. SRI Holding, which includes SRI Radio Systems, filed for insolvency on July 5 in Kempton, Germany.
The insolvency filing also includes a third unit, SRI Logistics. A German court appointed Thomas Karg as interim solicitor for the three business units. SRI Radio Systems was ranked 46th in last year's CIRCUITS ASSEMBLY Top 50. It has estimated 2011 sales of $283 million and nearly 600 full and part-time employees. It operates out of a facility in Durach, in Southern Germany. Siemens founded what eventually became SRI Holding in 1962. SRI Radio Systems spun out in 1997. SRI follows Elcoteq and SMT Holdings as major EMS companies that have fallen into bankruptcy during the past 12 months.
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| Last Updated on Tuesday, 10 July 2012 09:30 |
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