News
MALMO, SWEDEN -- An arbitration board has found in favor of top 40 EMS firm PartnerTech Åtvidaberg AB in its case against Swe-Dish Satellite System AB.
The board ruled Swe-Dish is to pay PartnerTech almost SEK 23 million for invoice claims and costs.
The ruling will raise PartnerTech's reported earnings for the first quarter by more than SEK 3 million.
The board ruled Swe-Dish is to pay PartnerTech almost SEK 23 million for invoice claims and costs.
The ruling will raise PartnerTech's reported earnings for the first quarter by more than SEK 3 million.
ROGERSTONE, UK -- TT Electronics said full-year profits fell 37% on weaker volumes, especially for its automotive components.
For the year ended Dec. 31, the pretax profit before exceptional items was 21.1 million points ($29.5 million). Revenue rose 7.2% to 584.3 million pounds, boosted by foreign exchange and acquisitions. Organic revenue was down 1.7%.
About 40% of TT's revenue came from automotive sales, and the company is trying to lower its exposure to that market to 25 to 30%.
TT, which has laid off 1,295 workers since 2008, said it would fire more staff than previously announced in January, and has implemented short-time working and temporary shutdowns across a number of sites.
For the year ended Dec. 31, the pretax profit before exceptional items was 21.1 million points ($29.5 million). Revenue rose 7.2% to 584.3 million pounds, boosted by foreign exchange and acquisitions. Organic revenue was down 1.7%.
About 40% of TT's revenue came from automotive sales, and the company is trying to lower its exposure to that market to 25 to 30%.
TT, which has laid off 1,295 workers since 2008, said it would fire more staff than previously announced in January, and has implemented short-time working and temporary shutdowns across a number of sites.
CHICAGO -- Methode Electronics reported third-quarter net sales fell 41.7% to $80.8 million from a year ago. Net income plunged $36.8 million to a loss of $27 million. The company took charges of $32.7 million for goodwill and intangible assets, and restructuring charges of $3.8 million, during the period.
The results were also hampered by timing: there was one less week in the company's fiscal quarter ended Jan. 31 vs. a year ago.
The results were also hampered by timing: there was one less week in the company's fiscal quarter ended Jan. 31 vs. a year ago.
Method, which supplies connectors and bare boards for a variety of products, but is heavily dependent on the flailing automotive sector, said it would cut 850 employees worldwide and move manufacturing operations to Mexico, Malta and China, resulting in a pretax charge of $9 million to $18 million. A plant in Morocco will be put on hold, the company said.
President and chief executive Donald W. Duda said, "We have accelerated our strategy to reduce our exposure to legacy automotive business, particularly with the Detroit automakers. These actions, once completed, are expected to reduce Methode's revenues derived from the automotive industry to less than 40% of our overall revenue base by fiscal year 2011. This is in stark contrast to automotive revenues of 75% in fiscal 2005."
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