News
SEOUL -- LG Electronics Inc.
has signed a
memorandum of understanding with Nortel Networks to form a telecom equipment joint venture here.
LG Electronics will hold just under 50%, and Nortel will have 50% plus one share.
The venture, temporarily named LG-Nortel Networks, will focus on developing equipment for 3G wireless networks based on W-CDMA technology, according to press reports.
Nortel is the larger shareholder for the purposes of accounting, the companies said.
LG Electronics will hold just under 50%, and Nortel will have 50% plus one share.
The venture, temporarily named LG-Nortel Networks, will focus on developing equipment for 3G wireless networks based on W-CDMA technology, according to press reports.
Nortel is the larger shareholder for the purposes of accounting, the companies said.
NEWARK, NY, Jan. 24 -- IEC Electronics
Corp. today reported its
first-quarter net income of $82,000 on sales of $6.2 million for the
quarter ended Dec. 31. The company is trying to come back after losing
a key account -- Motorola -- last year.
The EMS maker reported a net income of $132,000 on revenue of $6.5 million a year ago.
In a press release, Barry Gilbert, chairman and CEO, said, "Although
our profit was modest, we have made substantial progress in rebuilding
the Company. Last year we were trying to deal with the loss of
Motorola. We needed to reduce our costs and refocus our sales
activities, and will continue to do so as required. Some of the
programs we have put into place are starting to take hold."
IEC began a lean-manufacturing program late last year and expects gross margins to improve as revenue increases.
Also, Donald Doody has joined the company as vice president of operations. He was formerly with Plexus Corp.
GREENVILLE, SC -- Kemet Corp. today reported December
quarter net sales of $95.5 million and a loss before charges of $18.6
million. The company also took $20.3 million in one-time charges for
the quarter.
The company reported revenues of $111.3 million last year and $106 million last quarter.
The GAAP loss was $13.1 million a year ago and $7.5 million sequentially.
Kemet was hurt by excess inventory especially at distributors, said
CEO Dr. Jeffrey Graves, in a press statement. He said indications are
that inventory declines may continue.
Average selling prices fell 1% during the quarter.
Surface-mount capacitors made up 82% of the company's sales for the December quarter.
By region, 43% of sales were in North America, 35% in Asia and 21% in Europe.
Nearly half -- 49% -- of sales were to distributors, 27% were to EMS customers and 24% were to OEMs.
Press Releases
- Surf-Tech Manufacturing Corp. Ensures World-Class Quality with Advanced Conformal Coating Services
- Luminovo Partners with Sluicebox to Offer an Industry-First Instant Product Carbon Footprint for Electronics
- The Assembly Show and SMTAI Announce Colocation in October
- SIA Applauds CHIPS Act Incentives for GlobalWafers Projects in Texas and Missouri