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.
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.
SMYRNA, GA – Solder vendors are denying reports of plans to eliminate a type of flux classified in industry standards as rosin mildly activated (RMA).
On an industry email forum Friday, an engineer at a large defense contractor said he had heard from solder reps of a consensus to discontinue RMA fluxes due to a lack of general use.
WASHINGTON, DC – The National Association of
Manufacturers' top commerce official is calling the Obama administration's trade policies "pragmatic" and open.
In a statement released on the trade group's website, NAM vice president for international economic affairs Frank Vargo called President Obama’s trade policy agenda "a pragmatic one aimed at opening markets and improving the U.S. role in the world economy. ... [I]t talks about improving trade agreements rather than reopening them, and it calls for greater emphasis on seeing that small and medium-sized firms can become more effective exporters and competitors in the global economy." Vargo said the latter is "a very important goal" for NAM, whose membership is largely made up of small- and medium-sized businesses.
"We were pleased to see that the agenda calls for correcting the current imbalance in the Doha Round, and seeking a strong and balanced market-opening outcome. The NAM has been pressing hard for such an approach and will work closely with the President’s trade team to achieve that important goal."
He also lauded the Administration for "reaching out to all stakeholders in framing its agenda."
Vargo also noted the agenda's call for a strong and effective stance on IP protection, which NAM sees as "one of the most essential parts of the NAM trade agenda."
While the terms are confidential, the companies said they have agreed to cross-license their respective patent portfolios for a "significant term of years."
The two companies had sued each other over the rights to certain memory technology.
EL SEGUNDO, CA — Global mobile internet device unit shipments expected to expand by
nearly a factor of eight from 2007 to 2012, according to iSuppli Corp.
