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Electronics Production | April 26, 2005

Molex to close plants in Europe

North American interconnections supplier Molex Inc. has announced a restructuring program to lower costs. Molex will reduce its work force by 1200 and close several plants in Europe and the U.S.
Molex will close its plants in Ireland and Portugal while scaling down a development center in Germany, with manufacturing moving to other European plants. Molex will also close two plants in the US, EE Times reports.

Molex also named Martin Slark as vice chairman and chief executive and elected Liam McCarthy president and chief operating officer. Molex reported Monday net earnings of $44.8 million, on sales of $612.8 million in its third fiscal 2005 quarter ended March, compared to $45.5 million, on sales of $569.1 million in the same quarter in 2004.
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