News
HAUPPAUGE, NY - Jaco Electronics, a distributor of components, reported second-quarter net sales of $52 million, down from $61.5 million a year ago. For the period ended Dec. 31, the company lost $1.5 million, vs. $437,000 last year.
The December results do not Jaco's former contract manufacturing subsidiary, which the company sold to Sagamore Holdings last September.
In a press statement, Jaco's chairman and chief executive Joel Girsky said, "During this difficult period we are focusing on managing the company's overhead and investing resources in areas we believe provide the best prospects for growth.
The company continues to shave expenses, announcing overhead reductions of $1.5 million annually, in addition to previously announced cuts of $2 million. The reductions will be fully implemented by March, the firm said. The company also intimated that further cuts may be coming as it tries to reduce spending by a total of $5 million per year.
Gross profit was flat at 12.7% on a sequential basis. SG&A declined both sequentially and year-over-year. Inventory levels increased sequentially, primarily due to $10.7 million of inventory for existing orders with a customer through June.SALT LAKE CITY - Huntsman Corp., one of the world's largest chemical firms, raised $1.45 billion in its initial public offering yesterday.
Demand for the company's 60.2 million common shares was stronger than anticipated, Wall Street analysts said.
The bulk of the proceeds will be used to reduce debt.
The company has also committed about $100 million of the proceeds toward various family charities including the University of Pennsylvania's Wharton School and cancer research, chief executive Peter Huntsman told the media.
Until yesterday, Huntsman Corp. called itself the world's largest privately held chemicals manufacturer. For nine months ended Sept. 30, the company reported a net loss of $284.9 million on revenues of $8.36 billion. It operates 63 plants in 22 countries and employs 11,600.
Huntsman has a total debt of about $6.2 billion, including bond debt, due to a series of acquisitions and restructurings.
The company has a variety of holdings in the electronics sector, including the former Vantico, a supplier of soldermask materials for circuit boards.
SAN CLEMENTE, CA - YESTech, a provider of AOI equipment, has opened a branch office in Shanghai.
The new office provides training and sales on YESTech's automated optical inspection and x-ray inspection systems for circuit board assembly and semiconductor packaging.
"The opening of the China office is a milestone for YESTech," said Don Miller, president of YESTech, in a press release. "We will be able to provide improved customer support, more effectively demonstrate our products to potential clients, and reduce the sales cycle for the rapidly growing China market."
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