News
HOUSTON – Oil services group Hunting said it would acquire EMS firm Innova-Extel for $125 million. The acquisition is expected to close at the end of the month, subject to normal conditions.
The purchase is expected to be accretive in 2010, not including acquisition charges.
Innova-Extel, a contract assembler specializing in the oil and gas end-market, had consolidated 2009 profit before tax of $1.1 million. EBITDA for 2009 was $13.7 million.
CALAMBA, PHILIPPINES – EMS firm Ionics Inc. is opening a design and prototype shop in the Silicon Valley.
The group, which has seven manufacturing plants in Calamba and Cabuyao, Philippines, and one in China, did not disclose the location.
Ionics EMS builds printed circuit boards for the telecom and other industries.
Ionics EMS reported first-quarter revenue of $21.4 million, up 19.9% year-over-year. Gross income was $1.1 million, compared to $260,000 in the same period last year. Net income was $13,000, reversing a net loss of $1.19 million in the same period last year.
IRVINE, CA -- Contract electronics manufacturer Probe Manufacturing swung to a net profit for its second quarter ended June 30 as its business benefited from larger orders and new customers.
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