The company said the expansion would permit additional automation equipment. Furthermore, the company, whose staff grew 51% in 2008 to 50 employees, expects to hire additional workers now that the expansion is complete.
The company now has over 10,000 sq. ft. of manufacturing space and four SMT lines.
Petroferm, specialty chemical manufacturer and formulator, had been privately held.
The acquisition by the private equity firm includes Petroferm’s operations in Gurnee, IL and Fernandina Beach, FL. The Joseph Storey (UK) division will be spun off to Petroferm shareholders.
H.I.G. acquired the North American oleochemical business Uniqema Americas earlier this year. The firm plans to maintain the two as distinct operating subsidiaries. The two businesses will have combined sales in excess of $300 million, the firm says.
SIEVI, FINLAND – Scanfil reported third quarter sales fell 5% year-over-year to $70 million and operating profits dropped 7% to $6.5 million.
Year-to-date revenues totaled $205 million, down 3% from 2007. Operating profits rose 26.7% to $20.8 million. Net profits were up 25% to $16.8 million.
MALMÖ, SWEDEN – PartnerTech, the largest EMS company in Scandinavia, reported third-quarter sales fell 7.7% to$71 million. The operating profit dropped 29% to SEK $1.27 million, while net profits fell 36% to $584,000.
Year to date sales were $233 million, down 5.4% year-over-year. The company swung to a net loss of $174,000. Cash flow after investments amounted to $4.1 million.
Through September, sales of terminals and machine solutions are up 11.3% on higher demand. Medical equipment sales fell 18.4%. Industrial and telecom, the company’s biggest segment, fell 7.6%.
During the quarter, PartnerTech reduced headcount by 65.
The privately held company also unveiled plans to seek private placement equity from partners, customers and other investors.
In a press release, James B. Schultz, Red Rocket president and CEO, said, “EMESD positions our company to partake in the rapid growth from $5 billion today to estimated over $18 billion by 2012 in India electronics and electrical product manufacturing for export."
CPIPL, Red Rocket’s wholly owned subsidiary, includes a 100,000 sq. ft. facility in Mumbai. The company purchased the site from Jabil Circuit last year.
SAN JOSE -- Flextronics has reportedly laid off about 70 workers in Taiwan and additional cuts are possible, according to a local newspaper report.
The Apply Daily, citing company sources, said most
of laid off workers are from the company's notebook and server operations.
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