News
SON, THE NETHERLANDS – Neways Electronics, a top 50 global EMS provider, signed a letter of intent to acquire parts of Bosch Security Systems' operations in Breda, the Netherlands, for an undisclosed amount.
The transaction is expected to be directly and immediately accretive to earnings.
The deal includes 40 full-time workers at the Bosch plant. The acquisition also includes a limited number of fixed assets and inventories.
The move substantial expanded Neways’ activities in communication and data security.
Neways has 2,250 employees and reported sales of 281 million euros in 2007.
JACKSON, MI -- Electronics manufacturing services provider Sparton Corp. today announced Cary B. Wood as its chief executive, effective Nov. 24.
MANKATO, MN -- Winland Electronics reported third-quarter net sales of $7 million, down 29% from 2007. Net income was $118,000, down 76%. Sales were affected by a drop in demand from two of the company’s
three largest customers and the phaseout of two
other programs.
BREDA, HOLLAND – Cobar Europe has promoted Manfred Bult to chief operating officer, effective immediately.
Bult will report to Stan Renals, who has been promoted to chief executive officer.
Bult has been with Cobar BV since 1995, where he has served as director of order processing and procurement since 2003.
Cobar Europe, part of the Balver Zinn Group, is a global supplier of solder, solder paste, solder fluxes and related materials.
COLORADO SPRINGS, CO — Fine Line Stencil, a leading manufacturer of stencil products, has opened a stencil manufacturing facility in Memphis, the company said today.
The site will meet demand for quickturn stencils, and gives the company the ability to ship stencils up to midnight Central time.
“The quickturn demands on the contract manufacturing industry are increasing rapidly and our Memphis facility gives us the ability to accept and ship stencil orders much later in the day,” said Robert Dervaes, vice president of technology and engineering, in a press release.
Fine Line Stencil is a division of FCT Assembly.
The site will meet demand for quickturn stencils, and gives the company the ability to ship stencils up to midnight Central time.
“The quickturn demands on the contract manufacturing industry are increasing rapidly and our Memphis facility gives us the ability to accept and ship stencil orders much later in the day,” said Robert Dervaes, vice president of technology and engineering, in a press release.
Fine Line Stencil is a division of FCT Assembly.
SINGAPORE– Venture
Corp. Ltd., the world's 15th largest EMS company, reported third-quarter revenue rose 3.2% year-over-year to S$965.6 million. In US dollar terms, revenues were up 13.8% to $698 million for the quarter ended Sept. 30.
NAMPA, ID -- MPC Corp., one of the world's largest PC makers, today filed for Chapter 11 bankruptcy protection. The company has been delisted from the NYSE and says it doesn't expect equity holders to receive any distributions in conjunction with the bankruptcy cases.
HAUPPAUGE, NY - Jaco Electronics announced today an agreement in principle to sell to certain assets of its components distribution business to WPG Americas Inc., a subsidiary of World Peace Industrial Group. The transaction is subject to customary closing conditions and is expected to close within the next 30 days.
DUSSELDORF, GERMANY -- Henkel's third-quarter sales rose 12% to 3,760 million euros on solid organic growth and the acquisition of certain National Starch businesses. The currency-adjusted growth was 15.8%. Net earnings fell to 107 million euros.
During the quarter, EBIT fell to 191 million euros as the company took restructuring charges of 181 million euros. The adjusted EBIT rose 6.3% to 391 million euros.
Henkel CEO Kasper Rorsted said, "All our business sectors contributed to this growth, each outperforming its relevant markets. Once again, it was particularly our businesses in the growth regions that supported this positive development. The integration of the National Starch businesses, which were major contributors to the substantial rise in total sales, continues on schedule."
Adhesive Technologies sales rose 31.8% to 1.86 million euros after adjusting for currency exchange, due to the acquisition of National Starch's Adhesives and Electronic Materials businesses. Organic growth was 3.6%. The operating profit rose to 169 million euros, up 8.1% after currency exchanges.
During the quarter, EBIT fell to 191 million euros as the company took restructuring charges of 181 million euros. The adjusted EBIT rose 6.3% to 391 million euros.
Henkel CEO Kasper Rorsted said, "All our business sectors contributed to this growth, each outperforming its relevant markets. Once again, it was particularly our businesses in the growth regions that supported this positive development. The integration of the National Starch businesses, which were major contributors to the substantial rise in total sales, continues on schedule."
Adhesive Technologies sales rose 31.8% to 1.86 million euros after adjusting for currency exchange, due to the acquisition of National Starch's Adhesives and Electronic Materials businesses. Organic growth was 3.6%. The operating profit rose to 169 million euros, up 8.1% after currency exchanges.
Henkel guided for full-year organic sales growth (after adjusting for foreign exchange and acquisitions/divestments) of 3 to 5%, and net operating profit growth of 10%.
JACKSON, MI – EMS provider Sparton Corp. reported first-quarter fiscal 2009 sales of $54 million, down 8.25% year-over-year.
Gross profit was $2.38 million, up 3.22% compared to the same period last year.
For the quarter, Sparton recorded an operating loss of $2.85 million, compared to an operating loss of $2.05 million last year.
The firm reported consistent sonobuoy drop tests and improved sales in the aerospace market.
"We are disappointed at the lower than expected sales. We are very pleased with the successful and consistent execution of the sonobuoy contracts this year, as well as the increase in the aerospace sales and favorable forecast for future sales in the medical market as well,” said Richard Langley, interim CEO and president.
In addition, with the closure of the Albuquerque facility, while a difficult decision to make, will have a positive impact going forward … Gross inventories have decreased approximately $3 million over the past three months and over $7 million since the spring of 2008, primarily the result of better inventory management."
TORONTO -- SMTC Corp. bucked an industry trend, reporting upticks in third-quarter net income ($100,000) and revenue ($60.1 million).
Sales were up 11.3%, while earnings showed a big bump from the year-ago net loss of $1.2 million. However, sales were down 9% sequentially.
Sales were up 11.3%, while earnings showed a big bump from the year-ago net loss of $1.2 million. However, sales were down 9% sequentially.
MINNEAPOLIS -- Nortech Systems today said third-quarter net sales rose 7% from a year ago to $31.7 million, boosted by strength in the aerospace sector.
For the period ended Sept. 30, net income was $499,261, jumping 19% year-over-year.
For the period ended Sept. 30, net income was $499,261, jumping 19% year-over-year.
