PCB | August 20, 2007
Aspocomp CEO clarificates the current situation
Finland based Printed Circuit Board maker Aspocomp Oyj is actively continuing partnership and financing negotiations. In a letter to it's share holders Aspocomp CEO Maija-Liisa Friman clarificates the current financial situation the company is going through.
In the letter Aspocomp's CEO Maija-Liisa Friman said the following: “The first half of the year was a challenging period in the PCB market due to the overstocked global sales channels. In addition, certain products at the Salo plant were terminated and subsequent to the minority share acquisition in China, the Suzhou plant underwent a significant transition period. The Salo plant was closed down in July. The major overhauls have now been completed and there are signs of an improvement. The Group's cash flow from operations is starting to turn and we expect it to improve in the third quarter of the year. Closing down the Salo plant is expected to yield annual savings in excess of EUR 10 million and reduce loss before non-recurring items by about EUR 3 million. After a weaker start of the year, the transition period following the minority share purchase in the Chinese subsidiary was completed. Experienced Chinese management has replaced the Taiwanese and the unit has been integrated into the Group. The benefits of the operational takeover will be visible starting the third quarter and come into full effect in the fourth quarter of the year. We are now well-poised for taking full advantage of the growing market. Lower technology products from Thailand have been under heavy price pressure this year, which has affected the sales volumes. Actions taken to improve the plant's operative performance, including labor cost cuts and better control of raw material usage, have started to bear fruit. The Oulu plant, in contrast, continues to excel. The decision of the French Supreme Court on June 19, 2007, was the least expected outcome. According to the decision, Aspocomp has to pay EUR 10.1 million plus interest to the former employees of Aspocomp S.A.S. The related counter obligation of Aspocomp to Nordea has been converted into a bank loan; therefore, the decision will not essentially weaken Aspocomp's immediate liquidity. In order to better serve our globally growing customers, we are actively continuing partnership and financing negotiations. A partnership enables our growth in Asia and helps finance our planned investment program. The possible choice for strategic partnership will also affect the timing of investments and plant start-up in India. Aspocomp's volume production is now located entirely in Asia. The closing down of the Salo plant went well. Consequently, we expect to see a better performance starting from the third quarter of the year." Aspocomp Group Oyj said in a statement it's board member Tapio Hintikka has given a notice of resignation from Aspocomp's board on August 20.
dSPACE adds West Coast office Simulation and validation specialist dSPACE has opened a Silicon Valley office in San Jose, California as part of its strategic realignment.
Cogiscan, BasiCAE form strategic partnership Quebec-based Cogiscan Inc. has announced a partnership with China’s BasiCAE Technology, a provider of traditional shop control systems and software customization services.
Korea hits new record of industrial robots in operation The World Robotics report presented by the International Federation of Robotics (IFR) shows a new record stock of about 300,000 operational industrial robots in the Republic of Korea in 2018 (+10%).
Keytronic starts production at its new Vietnam facility Keytronic Corporation says it has started shipping product from its new Da Nang, Vietnam manufacturing facility.
USI's looking to accelerate expansion - acquires Asteelflash It looks like we’re ending 2019 with a bang. One of the worlds biggest EMS providers wants to acquire one of Europe’s largest electronics manufacturers.
Devon manufacturer adds capabilities in Dorset via acqusition Devon-based PCB manufacturer, EuroTech Group, is acquiring PCB manufacturer Lyncolec, based in Poole, Dorset.
Kyocera and TactoTek collaborate on IMSE solution Kyocera and TactoTek has singed a marketing agreement which aims to bring IMSE solutions to several new market segments, including industrial and automotive components, electronic devices, and more.
IPC: Unanimous approval of USMCA needed IPC issued a statement this week expressing support of the recently bi-partisan approval of the United States-Mexico-Canada Agreement (USMCA), and a strong desire for legislative approval by Canada, Mexico, and the U.S.
Nordson's CFO to retire in 2020 after 30 years with the company Nordson's Executive Vice President and Chief Financial Officer, Gregory A. Thaxton, plans to retire in 2020 after thirty successful years with the company, with the last 12 years as CFO.
KUKA restructures subdivision due to economic uncertainty KUKA is restructuring a subdivision in the Robotics segment that is responsible for automated manufacturing solutions such as cells and special machines.
PCB industry recovers slightly in Q3 PCB manufacturers in the D/A/CH region were able to increase sales sequentially in the third quarter of 2019 by 1.1%. However, sales figures are 11% lower than those recorded for the third quarter of 2018, reports the industry association ZVEI PCB and Electronic Systems.
Garz & Fricke moves into new HQ in Hamburg-Harburg Garz & Fricke GmbH continues to expand. As of late October, the business operations of the HMI and Panel PC specialist will be transferring to the new headquarters in in Hamburg-Harburg.
TF Massif Technologies taps new CEO British Columbia-based TF Massif Technologies has announced the appointment of Tom Peregoodoff as the company’s new chief executive officer.
DoJ: Google, Fitbit deal under review The U.S. Justice Department is looking into anti-trust issues concerning Google's bid to buy Fitbit Inc.
L3Harris Tech secures U.S. Marine Corps order L3Harris Technologies received a USD 50 million follow-on delivery order for Falcon III AN/PRC-160 HF radios and related equipment from the U.S. Marine Corps .
Metair completes Romanian lithium-Ion battery cell factory South African energy storage company, Metair Investments, says that its Romanian units Prime Batteries and Rombat have completed the installation of the group's first Lithium-Ion battery cell manufacturing and assembly facility in Bucharest, Romania.
£5m award marks ‘topping out’ of Cardiff research powerhouse An GBP 80 million Cardiff University powerhouse for Welsh scientific research has been ‘topped out’ by Bouygues UK – backed by over GBP5 million support from Welsh Government and industrial partners.
Advanced Energy expands with new lab near Frankfurt Advanced Energy Industries, Inc. has opened its Advanced Materials Processing (AMP) Showcase Lab near Frankfurt, Germany.
TTM Technologies unveils NY engineering center On the heels of its acquisition of manufacturing and IP assets from i3 Electronics Inc., TTM Technologies has announced the opening of a new engineering center in Binghamton, NY.
EU Commission to support pan-European battery development Seven member states will provide, in the coming years, up to EUR 3.2 billion in funding to support research and innovation in the common European priority area of batteries.
The pulse of the electronics industry Growth is slowing worldwide and the industry’s outlook is less optimistic than in previous quarters, although it is still generally positive, according to the results of IPC’s fourth-quarter 2019 Pulse of the Electronics Industry survey.
Teradyne delivers J750 semiconductor test system to Ardentec Teradyne has hit a milestone with the 6,000th shipment of the J750 family of semiconductor testers.
Season Group names new SvP for global business development Season Group has appointed Stephen Tsao as the company's new Senior Vice President, Global Business Development.
Zestron appoints new sales director Europe Mr. Adam Meinert recently joined ZESTRON as the Sales Director of Europe.Load more news