Neways Revenue Up 31% on BuS Acquisition
EINDHOVEN, THE NETHERLANDS – Neways Electronics recorded revenue of $112.2 million in the third quarter, up 31% year-over-year.
The increase was a result of the completed acquisition of BuS Group, which was consolidated into Neways' results as of July 1. Organic revenue fell 15% to $72.6 million, which had a negative impact on profitability.
“The EMS market continues to see strong fluctuations in demand across the year, with clients postponing planned contracts and adjusting their production planning more frequently and more abruptly. This accounted in part for the decline in demand Neways saw in the third quarter, in particular from the semiconductor sector,” the firm said in a press release.
The automotive sector, BuS Group’s main market, had a solid quarter, say reports.
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