News
ELGIN, IL - Panasonic's capital equipment division has been renamed Panasonic Factory Solutions Company of America.
The name change for the unit, formerly Panasonic Factory Automation, took place Jan.1.
In a press release, the company said the change "unifies the company's capital equipment business globally under the Panasonic name, while reinforcing the greater consultancy role that PFSA has taken on for its customers."
Similar name changes are planned for Panasonic operations in Europe, Asia and China.
SAN JOSE - Sanmina-SCI on Thursday reported first-quarter revenues rose 9.5% to $3.25 billion, at the low end of previous company guidance, and the EMS firm announced yet another series of factory closures.
For the period ended Jan. 1, the company reported GAAP net income of $24.4 million, up 54.5% over last year. Operating income was up 29% to $59.6 million.
Sanmina-SCI said it will further reduce manufacturing capacity in high-cost regions and will take an additional $75 million restructuring charge on top of charges of $100 million announced last July. This was the 16th straight quarter Sanmina took charges for restructuring.
In a press release, chairman and chief executive Jure Sola said, "Revenues for the quarter were at the low end of our expectations as our customer end-markets experienced competitive pricing pressures and a sluggish business climate."
The company had record inventory turns of 12.3.
The firm guided for second-quarter revenue of $2.85 billion to $3.15 billion
TORONTO -- Celestica, the world's third largest EMS company, reported a GAAP net loss of $810 million, primarily due to non-cash writedowns for asset impairment and a $161 million charge to cover a potential default by a leading customer. The company said it would close plants in higher-cost regions to improve capacity utilization.
The results marred an improvement in sales. Fourth-quarter revenue was $2.3 billion, up 22% year-on-year and 7% sequentially.
For the same period last year, the company reported a loss of $8 million.
Overall, the company took one-time charges of $836 million. Celestica recorded restructuring charges of $45 million for previously announced actions.
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