SACRAMENTO – One of the larger institutional shareholders of Sanmina-SCI is opposing the reelection of seven of its directors.
The California Public Employees' Retirement System claims Sanmina-SCI has not resolved issues with regard to its stock performance and the board's corporate governance practices. CalPERS owns 2.1 million of Sanmina’s shares.
The largest holder of Sanmina-SCI stock is AXA, with some 61 million shares as of Sept. 30.
"Sanmina has been unresponsive to our placing the company on our '2007 Focus List' for underperformance," said Russell Read, CalPERS chief investment officer. "Its stock price continues to decline and trail its industry peers. The board's failed acquisition strategy has destroyed a substantial amount of shareowner value."
Votes will be refused for Neil Bonke, Alain Couder, Mario Rosati, Gene Sapp, Wayne Shortridge, Jure Sola and Jacqueline Ward at the company's annual meeting Monday.
Sola is chairman and CEO of Sanmina-SCI. Sapp is the former head of SCI, whose acquisition Sanmina is still grappling with.
NAPLES, FL – The first annual Electronic Industry Supply Chain Conference, hosted by ERAI,will be held May 1-2 in Las Vegas.
The event focuses on procurement and quality concerns and regulatory issues affecting the global supply chain, and will include sessions ranging from counterfeit and high-risk part mitigation to IP enforcement, and understanding importing, exporting and International Traffic in Arms Regulations (ITAR).
Sessions include the Latest Visual Inspection Programs and Techniques to Identify Counterfeit and High-Risk Parts; Testing Techniques and Standards for Various Components Used; Legal Liability of Counterfeits and High-Risk Parts in the Supply Chain; Identifying and Controlling Risks of Item(s) and Vendor Selection; Understanding Government and Industry Reporting Agencies; Bureau of Industry & Security (BIS) Rules and Regulations that Affect Your Transactions; Import Regulations; Export Regulations; and International Traffic in Arms Regulations.
EISCC is open to franchised and independent distributors, original component manufacturers, OEMs, contract manufacturers, government agencies and non-profit associations.
WASHINGTON – The AeA (formerly the American Electronics Association) will spend about $6.2 million to increase efforts aimed at state government affairs, including hiring staff and branching out to more states.
“Legislation affecting the high-tech industry isn’t limited to just one state,” said Christopher Hansen, president and CEO. “At any given time, one state can introduce legislation that can impact the entire industry, for better or for worse.”
AeA will focus on three initiatives: expanding the state government affairs programs to additional states; hiring staff to oversee the environmental programs in AeA at the state, national, and international levels; and initiating a Web-based resource that provides information on state bills affecting the high-tech industry.
AeA currently has 20 lobbyists across Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington. AeA will contract with lobbyists in additional states, and will also be adding environmental experts to its staff to advocate public policy and “green tech” globally.
The AeA Information Network is intended to offer AeA members a one-stop site for obtaining information regarding relevant state governmental activities.
SHENZHEN – Foxconn, Huawei,ZTE and more than 300 other companies have formed a local electronics manufacturing alliance, offering preferential policies for its members. It is unclear whether the preferences run afoul of WTO or other trade laws.
CHICAGO – Methode Electronics will slash 700 jobs from its U.S. automotive operations to help the components maker compete, the company said today. The moves are expected to be completed by year-end.
In a press release, the firm said only limited production and support staff would remain at its automotive operations facilities in Carthage and Golden, IL. Production of legacy connectors at its Rolling Meadows, IL, factory would be cut as well.
"As a result of fewer programs remaining for these plants and anticipated continued reduction in customer production volumes, Methode is taking this action to transfer the remaining programs from its U.S. facilities," the company said.
Methode makes a range of connector products, including thick film hybrids and flex circuits. It also owns Trace Laboratories.
ELKHART, IN – CTS Corp. will acquire privately held Tusonix Inc. for $12.25 million cash. The deal is expected to close by the end of January. No other terms were disclosed.
Tusonix designs and manufactures ceramic EMI/RFI filters, capacitor assemblies and related components, serving the military, industrial, instrumentation and telecom markets. The company operates from facilities in Tucson, AZ and Nogales, Mexico.
First year sales are estimated at approximately $15 million. The worldwide market for the acquired products is estimated to exceed $100 million.
CTS provides EMS services and builds automotive components.