May 8, 2001 |
Chalk one up for the "old economy": Standard & Poor's said Monday it will add Pepsi Bottling Group (PBG) to the blue-chip S&P 500 index and drop Adaptec Inc. (ADPT). Pepsi Bottling, the largest bottler of PepsiCo Inc. drinks, will join the index May 11. Tech firm Adaptec, which is spinning off its software unit Roxio Inc., will be transferred to the S&P SmallCap 600 index. The news was announced after the close of trading. Pepsi Bottling shares rose 98 cents to $41.
April 11, 2001 |
Adaptec Inc., a maker of electronic devices that speed computer connections, is fighting a $93.4-million tax bill for 1997 in U.S. Tax Court. The Milpitas, Calif.-based company, which reported $170.8 million in earnings last year, says the Internal Revenue Service wrongly denied it credits for research and taxes paid to foreign governments. The IRS also improperly calculated transfer pricing arrangements with its subsidiary, Adaptec Manufacturing Ltd.
September 7, 2000 |
Adaptec Inc., the No. 1 designer of electronic cards that speed computer communications, said Chief Financial Officer Andy Brown resigned to pursue other interests. The company reiterated that it expects fiscal second-quarter earnings to be in line with estimates. It's expected to earn 37 cents a share, the average forecast of four analysts surveyed by First Call/Thomson Financial. The company earned 45 cents in the year-earlier quarter.
June 26, 1998 |
Two computer chip component makers abandoned a merger Thursday, hours before the government was set to take antitrust action against them, the companies and sources said. Adaptec Inc. terminated its $775-million deal to acquire Hyundai Electronics America's Symbios Inc., as the Federal Trade Commission was set to vote that the deal violated antitrust laws.
April 1, 1998 |
Adaptec Inc. said it will fire as many as 250 people, or 7% of its work force, and take a pretax charge of $8 million to $12 million as sales of its computer equipment slump. The Milpitas-based company makes adapter cards that connect personal computers to printers, storage drives and other accessories. Like many computer companies, Adaptec has seen sales growth slow along with demand for PCs. The company will make the cuts and take the charge in its first fiscal quarter ending June 30.
February 20, 1998 |
Adaptec Inc. on Thursday agreed to buy Symbios Inc., a subsidiary of Hyundai Electronics America, for $775 million in cash as it seeks to diversify its business and reverse a recent slowdown in sales growth. Adaptec, which makes adapter cards that connect personal computers to printers, storage drives and other accessories, would use its $727-million cash reserve and take an undisclosed charge to buy Symbios.