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PENANG -- Motorola is fighting allegations it broke Malaysian laws and engaged in kickbacks in exhange for large government contracts. The company and key government officials are strongly disputing the accusations, which have been brought by political opponents.
At issue is a roughly $313 million government contract the Malaysian government contract awarded to Motorola, with the understanding the telecom giant would remain in the country. Motorola has extensive manufacturing and R&D operations in Malaysia, where it employs about 10,000 workers, including 4,000 in Penang.
At issue is a roughly $313 million government contract the Malaysian government contract awarded to Motorola, with the understanding the telecom giant would remain in the country. Motorola has extensive manufacturing and R&D operations in Malaysia, where it employs about 10,000 workers, including 4,000 in Penang.
WASHINGTON -- A pair of provisions of the Economic Stimulus Act of 2008 signed into law
Feb. 13 by President Bush provide
significant benefit to manufacturing companies.
The new law nearly doubles the amount of deductible Code Sec. 179 expensing for 2008, to $250,000, and increases the threshold for reducing the deduction to $800,000. It applies to property purchased and put into service in the tax year beginning in 2008. This would benefit businesses purchasing equipment.
The law also provides a temporary bonus depreciation aimed at encouraging business investment. Property must be eligible for the modified accelerated cost recovery system, with a depreciation of 20 years or less, and must be purchased and placed in service during 2008. The new law provides taxpayers a 50% first-year bonus depreciation of the adjusted basis of the property.
The new law nearly doubles the amount of deductible Code Sec. 179 expensing for 2008, to $250,000, and increases the threshold for reducing the deduction to $800,000. It applies to property purchased and put into service in the tax year beginning in 2008. This would benefit businesses purchasing equipment.
The law also provides a temporary bonus depreciation aimed at encouraging business investment. Property must be eligible for the modified accelerated cost recovery system, with a depreciation of 20 years or less, and must be purchased and placed in service during 2008. The new law provides taxpayers a 50% first-year bonus depreciation of the adjusted basis of the property.
BRUSSELS -- A consultant for the European Union has identified more than 45 substances not currently covered by RoHS laws for possible inclusion in new draft rules expected to be ready next month.
The EU review of the RoHS Directive could lead to an expansion of the scope of covered substances and the list of covered electronics, industry sources say, and some current exemptions could be revoked.
The EU review of the RoHS Directive could lead to an expansion of the scope of covered substances and the list of covered electronics, industry sources say, and some current exemptions could be revoked.
GLENVIEW, IL – Illinois Tool Works’ power systems and
electronics group reported sales rose 6.1% year-over-year for the period ended
Feb. 29. Meanwhile, speculation abounds over a possible acquisition of a leading soldering equipment OEM.
LONDON -- EMS provider TT Electronics reported earnings rose 7% last year on a 1% hike in sales for the year ended Dec. 31.
Pre-tax profits from continuing operations were up 6.7% to £33.3 million, before one-time profits in 2006. Sales hit £544.9 million.
The company cautioned for the 2008 outlook. “While current trading is expected to remain overall similar to 2007, the further reorganization of operations, difficulties in the credit markets and concerns as to the effect on the global economy causes the board to take a cautious view for the current year,” said executive chairman John Newman.
During the year, TT's pension fund deficit was reduced to £17.4 million from £72.6 million a year ago.
Pre-tax profits from continuing operations were up 6.7% to £33.3 million, before one-time profits in 2006. Sales hit £544.9 million.
The company cautioned for the 2008 outlook. “While current trading is expected to remain overall similar to 2007, the further reorganization of operations, difficulties in the credit markets and concerns as to the effect on the global economy causes the board to take a cautious view for the current year,” said executive chairman John Newman.
During the year, TT's pension fund deficit was reduced to £17.4 million from £72.6 million a year ago.
SCHAUMBURG, IL -- Misumi USA will conduct a series of configuration technical seminars in Texas next month. The four-hour seminars are on designing machines faster with configurable components and are designed to help engineers overcome time and performance pressures typically
associated with custom machine builds.
The series takes place April 1, at the Hilton Houston Southwest; April 2, at the
Hilton Austin Airport; and April 3, at the Hilton Arlington.
To register visit www.misumiusa.com/techseminars.aspx.
MANCHESTER, NH – EMS firm EPM is closing its sole US factory and laying off 50 workers.
GLEN ALLEN, VA – Sales of printed RFID devices will reach $3.6 billion by 2015, a new report claims.
SHANGHAI – Inspection equipment OEM YESTech Inc. has established a sales and support office outside Shanghai.
The office is co-located in the Nordson China facility at the Zhangjiang Hi-Tech Park in Pudong, and will provide sales, training and technical support.
The 8,000 sq. meter, 190-employee site provides demo labs for each division and an advanced training center for up to 200 people.
The office is co-located in the Nordson China facility at the Zhangjiang Hi-Tech Park in Pudong, and will provide sales, training and technical support.
The 8,000 sq. meter, 190-employee site provides demo labs for each division and an advanced training center for up to 200 people.
ELKHART, IN – EMS provider CTS Corp. announced the acquisition of privately held Orion Manufacturing Inc. for approximately $10 million in cash.
SIOUX FALLS, SD – Raven Industries reported fourth-quarter sales and earnings rose 14% and 3%, respectively, for the period ended Jan. 31.
CHARLOTTE, NC – The North Carolina Economic Investment Committee voted today to award a Job Development Investment Grant to Tessera Technologies.
The grant will support Tessera’s consumer optics plans, enabling the company to add 185 jobs and invest approximately $30 million in its Charlotte-based wafer-level optics facilities during the next five years, the company said in a press statement.
The grant calls for the state to provide funds equal to 65% of the state personal income withholding taxes derived from the creation of new jobs, provided Tessera meets set performance targets. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $2.64 million in benefits.
The grant will support Tessera’s consumer optics plans, enabling the company to add 185 jobs and invest approximately $30 million in its Charlotte-based wafer-level optics facilities during the next five years, the company said in a press statement.
The grant calls for the state to provide funds equal to 65% of the state personal income withholding taxes derived from the creation of new jobs, provided Tessera meets set performance targets. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $2.64 million in benefits.
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