Electronics Production |
Laird to exit handset antennae business
Following the review of the strategic options for the Handset Antennae business, the Board of Laird has decided to exit the business and monetise the remaining assets held within it.
Despite the restructuring actions taken, the Handset Antenna business ran only at breakeven during the first quarter and revenues continued to decline thereafter, reflecting reduced demand from the major customer. In 2010 this customer accounted for 70% of the business’ revenues. After consideration of a number of strategic options and discussions with the major customer, the Board has decided to close the Handset Antennae business. Existing contractual order obligations will be fulfilled during 2011 and 2012 but the closure process will start immediately.
