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The plan proposes a reorganization of both companies into a single post-bankruptcy entity.
If approved, the reorganized TFS's operations will be limited to the liquidation and monetization of all its non-cash assets. These assets comprise the cash and non-cash assets of the two companies, which will be substantively consolidated under the plan, TFI said in a filing.
The company anticipates that sufficient cash will exist in the consolidated estate on the plan's effective date to pay all claims of all creditors in all classes and that there will be final cash distributions to company shareholders.
The company also named Boris Mathiszik director of sales for the Asia-Pacific region. Mathiszik was vice president, x-ray inspection at Phoenix/X-ray Systems.
Early in the morning of Dec. 22, fire ripped through the company's plant in Elm City, destroying much of it. The fire has been ruled accidental. Work has been subcontracted while the new site is brought online.
HALF MOON BAY, CA -- Attendees on the second day of the SEMI Strategic Materials conference learned how Japanese materials suppliers joined together to cut costs, and were given an optimistic outlook on the convergence of front-end and back-end processes in chip making.
Yoshifumi Kawamoto, director general manager, R&D department, CASMAT, outlined the formation of the R&D consortium established in 2003 by Japanese materials suppliers. Member companies include JSR, Sumitomo Chemical, Sekisui Chemical, Tokyo Ohka Kogyo, Nitto Denko, Hitachi Chemical, Toray Industries and others.
abil loaned $25 million to Celetronix in fiscal 2005 in exchange for an option to purchase 100% of the shares of the company. The incremental purchase price for the acquisition is expected to be approximately $155 million plus the assumption of approximately $30 million of net debt, putting the total cost at $205 million.
WALLINGFORD, CT – Amphenol Corp. reported fourth-quarter 2005 net income of about $200 million while sales rose 26% to $508.1 million.
For the year ended Dec. 31, the company reported sales of $1.81 billion, up
18.3% over a year ago and a new company high.
Fourth quarter results include sales by the former Teradyne Connection Systems of $35 million in December.
Interconnect products – 89% of the company’s overall sales – was up 27% “with excellent profitability,” said Amphenol chairman and CEO Martin H. Loeffler.
The company said growth was broad-based and included all major geographic regions. Growth was especially strong in the mobile device market. Cable products was up 14% over the prior year.
Operating income margin in the quarter was 18.5%, down from 18.8% last year. Excluding the impact of TCS, which in December had operating income margins of 7.5%, the fourth quarter margin was 19.3%. Cash flow from operations was $75 million.
The company guided for 2006 revenues of $2.25 billion to $2.3 billion. For the first quarter it forecast revenues of $535 million to $545 million. The TCS acquisition is expected to be accretive for 2006, but slightly dilutive in the first half.
