SURREY, ENGLAND – TT Electronics, the parent company of TT EMS, will lay off 700 workers this year, the company said today.
The cuts would make up about 10% of the firm's global staff and are in addition to headcount reductions of 595 positions in 2008.
SAN JOSE -- Flextronics is terminating "certain
arrangements" with Nortel Networks to reduce its exposure to the Canadian telecom company as it winds its way through bankruptcy.
The programs would come to an end by July, Nortel said, without disclosing the products or services or their values. Nor did the OEM indicate whether any of the programs or services designated for termination were near the end of their contract life.
In an announcement, Nortel said it would purchase $120 million of existing inventory from Flextronics by July, in addition to other quarterly purchases.
CHICAGO – Merger and acquisition activity in the EMS sector slowed slightly in 2008, with a total of 48 EMS companies changing hands in 2008, down three from 2007.
NEW YORK -- IEC Electronics reported December quarter revenue of $15.8 million, up 41% over a year ago.
Operating income was up 141% to $946,000 and net income rose 27% to $532,000 for the company's first fiscal quarter.
In a statement, chairman and CEO Barry Gilbert, said, “We expect continued revenue growth during the balance of the year, and expect to further intensify our market focus in the medical technology sector in the coming quarters. As we all know, the economy is in a deep recession. While some of our customers are indeed experiencing significant difficulties we have others that continue to expand their commercial activity with us."
The company may apply to re-list its common stock on the Nasdaq Capital Market, he said, which could involve a reverse split of the company's common stock.
Bookings were down 15% from the revised November level of $783.8 million, and down 42% from a year ago.
The December book-to-bill was 0.93, down from 0.97 in November and breaking a two-month rise. A book-to-bill of 0.93 means that $93 worth of orders were received for every $100 of product billed for the month.
The three-month average of worldwide billings in December was $722.6 million, down 10% sequentially and 47% from December 2007
“Bookings continue to reflect the uncertainty in the economic environment, and are approaching levels last seen in early 2002,” said Dan Tracy, senior director of industry research and statistics at SEMI. “We expect bookings to remain at low levels until end-market demand for semiconductors picks up.”
The
company, which is privately held, declined to specify where or how many workers would be cut from its various operations but did say the cuts are in "select areas, including
manufacturing."
In a statement, Bose said it was "restructuring its operations in response to the decline of the global economy, and its impact on consumer spending."
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