News
TOKYO – Consumer electronics makers Victor Co. of Japan (JVC) and Kenwood Corp. plan to merge under one holding company on Oct. 1 to curb a pricing war. Under terms of the agreement, investors will receive two shares in the holding company for each JVC share held, and one share for each Kenwood share held. No other financial terms were disclosed.
JVC president Kunihiko Sato will become president of the new company, called JVC Kenwood Holdings.
The decision to unite follows an alliance between the two companies last summer.
JVC, an affiliate of Panasonic, made Japan's first TV and pioneered VHS, but lately has been struggling. Last month, JVC said it would halt domestic production of flat-panel TVs.
The merged firm will focus on electronics for auto, home/mobile, professional-use wireless systems and entertainment.
The companies had combined operating profits of 9.6 billion yen and revenues of 823.7 billion yen in the fiscal year ended in March.
JVC president Kunihiko Sato will become president of the new company, called JVC Kenwood Holdings.
The decision to unite follows an alliance between the two companies last summer.
JVC, an affiliate of Panasonic, made Japan's first TV and pioneered VHS, but lately has been struggling. Last month, JVC said it would halt domestic production of flat-panel TVs.
The merged firm will focus on electronics for auto, home/mobile, professional-use wireless systems and entertainment.
The companies had combined operating profits of 9.6 billion yen and revenues of 823.7 billion yen in the fiscal year ended in March.
($1 = 103.64 yen)
ST. LOUIS – Northrop Grumman has awarded EMS provider LaBarge Inc. a $12 million contract to provide electronic subsystems for the MESA (Multi-role Electronically Scanned Array) radar system.
The MESA radar is an airborne surveillance radar system used in military aircraft with airborne early warning and control platforms; it currently flies in Boeing’s 737-700 series aircraft.
The MESA radar is an airborne surveillance radar system used in military aircraft with airborne early warning and control platforms; it currently flies in Boeing’s 737-700 series aircraft.
Production is expected to run through mid 2009 at LaBarge's Huntsville, AK, facility.
WASHINGTON – After losing several appeals, the National Association of Manufacturers released the names of 65 companies that provided significant funding to the trade group for first-quarter lobbying activities.
NAM tried to keep the names secret, but ultimately lost an appeal to the Supreme Court for a stay against disclosing the names. A new lobbying law requires trade groups and coalitions to divulge names of members that give more than $5,000 in a quarter for lobbying activities.
The failure to comply was $250,000 in fines and up to five years in prison.
In its April 30 amended report, NAM provided a Web site link to funders’ list. It also revealed first-quarter lobbying expenditures of more than $2.2 million.
Donors included the American Petroleum Institute, AT&T Inc., Bristol-Myers Squibb, Exxon Mobil, General Electric, Northrop Grumman, Clorox and U.S. Steel, among others. Individual contributions or their specific lobbying activities are not specified.
In the first quarter, the group lobbied patent reform, taxes, trade agreements, climate change, energy-related legislation, transportation, tort reform, high-speed Internet deployment, health and immigration reform.
NAM lobbied Congress, White House, U.S. Trade Representative's office and the Defense, Treasury and Commerce departments, among many others.
NAM, with about 11,000 members, filed a lawsuit earlier this year against the lobbying law, and is still appealing an April 11 decision by a federal judge who rejected its argument that a provision violates First Amendment rights.
NAM tried to keep the names secret, but ultimately lost an appeal to the Supreme Court for a stay against disclosing the names. A new lobbying law requires trade groups and coalitions to divulge names of members that give more than $5,000 in a quarter for lobbying activities.
The failure to comply was $250,000 in fines and up to five years in prison.
In its April 30 amended report, NAM provided a Web site link to funders’ list. It also revealed first-quarter lobbying expenditures of more than $2.2 million.
Donors included the American Petroleum Institute, AT&T Inc., Bristol-Myers Squibb, Exxon Mobil, General Electric, Northrop Grumman, Clorox and U.S. Steel, among others. Individual contributions or their specific lobbying activities are not specified.
In the first quarter, the group lobbied patent reform, taxes, trade agreements, climate change, energy-related legislation, transportation, tort reform, high-speed Internet deployment, health and immigration reform.
NAM lobbied Congress, White House, U.S. Trade Representative's office and the Defense, Treasury and Commerce departments, among many others.
NAM, with about 11,000 members, filed a lawsuit earlier this year against the lobbying law, and is still appealing an April 11 decision by a federal judge who rejected its argument that a provision violates First Amendment rights.
A federal appeals court and Supreme Court Chief Justice John Roberts rejected the group's requests for stays.
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