News
In the suit, Suntron claims it spent millions of dollars on raw materials and other inventory-related costs as result of false promises of business from Applied Materials. The suit alleges a other unlawful acts and unfair business practices as well.
Suntron
provided more than 7,000 different finished products to Applied
Materials, Suntron said in a press statement. The lawsuit claims that
Suntron has been left with more than $18 million
worth of unused and obsolete inventory.
For the fiscal year, net sales at the EMS provider were up 25% to $72.7 million. Net income for year was $587,329, beating guidance, versus $633,448.
"We are very pleased with these record-setting revenue levels for Nortech in the fourth quarter and for the entire year," said Mike Degen, president and CEO. "We will use this opportunity to leverage these strong results to expand our customer base and continue to invest in the Nortech brand and our infrastructure."
Throughout the year margin pressure was strong
due to higher energy costs, increased
commodity prices and international competition.
SANTA CLARA, CA -- Ambitech International has sold its Silicon Valley PCB fabrication and assembly division to a group of investors. Terms were not disclosed.
Hunter Technology Corp. was acquired by Ambitech in March 2001, right at the end of the peak of the North American electronics market. Hunter has been in business for nearly 40 years.
Hunter specializes in printed circuit board fabrication and electronics assembly for high-mix products for medical, aerospace, communications and capital equipment.
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