October 29, 1999 |
In an unusually candid statement by a corporate chieftain, the chief executive of Santa Ana-based Ingram Micro Inc. said Thursday that severe health issues faced by several of his family members caused the company to begin searching for his successor.
October 9, 1999 |
Anaheim-based Odetics Inc. will receive $100 million as a settlement of a 4-year-old patent infringement lawsuit against a competitor, the company said Friday. The agreement calls for Louisville, Colo.-based Storage Technology Corp. to pay Odetics $80 million immediately, plus $10 million each year for the next two years, and settles all outstanding patent litigation between the two companies. "We're very pleased with this," said Gregory Miner, Odetics' chief financial officer.
September 22, 1999 |
Western Digital Corp. said Tuesday it will report another larger-than-expected quarterly deficit, bringing its total losses over the last two years to nearly $1 billion and calling into question its long-term prospects as an independent company. The Irvine-based computer hard-drive manufacturer, one of Orange County's seven Fortune 500 companies, is suffering through an industrywide slump as production capacity outstrips demand and competitors slash prices.
September 13, 1999 |
The hype going around the Orange County business booster circuit is that this is the place for high-tech, and that our northern neighbors are overcrowded and overpriced, with scarce housing, talent and office space. But at least some Orange County technology companies find they need the connection to Silicon Valley, if only to attract and keep employees. Aliso Viejo-based ZLand.com Inc.
September 9, 1999 |
Orange County's highest-paid executive, who runs technology giant Ingram Micro Inc., said Wednesday that he is giving up the day-to-day reins of the world's largest computer distributor. The surprise announcement from Jerre Stead, who since 1996 has built the Santa Ana-based company into a global technology powerhouse, comes as Ingram has stumbled amid an industrywide slump that has seen vicious price-cutting erode profits.
September 9, 1999 |
Ingram Micro Inc. has a healthy balance sheet, the right strategy and a dominant market position. But Wednesday's announcement that the company is looking for a new chief executive and that its earnings will again fall far short of expectations underscored what Ingram hasn't done this year: perform. "In large measure, Ingram's earnings figures reflect real execution problems," said Joel Pitt of Credit Suisse First Boston.
September 1, 1999 |
An Irvine company that came out of nowhere to become one of the nation's largest personal computer makers by selling machines for less than $600 said Tuesday it planned to raise $200 million in an initial public stock offering. eMachines Inc. has sold more than 1 million PCs since it first began shipments last November, and the company now accounts for one out of every nine PCs sold in retail stores in the U.S. However, it has yet to turn a profit. eMachines lost $3.
August 24, 1999 |
An investment group led by Warren Lichtenstein acquired a 9.7% stake in Sync Research Inc. and said it may decide to propose a sale of all or a portion of the Irvine network-software company if its shares remain undervalued. The investors spent $710,437 to buy 339,822 shares of Sync from July 19 to Aug. 19, according to a report filed this month with the Securities and Exchange Commission. The group paid $2 to $2.28 a share, the filing said. Lichtenstein could not be reached for comment Monday.
August 6, 1999 |
Irvine-based Western Digital Corp. has named Matthew Massengill and Russell Stern as co-chief operating officers, the company said Thursday. The responsibilities of the two executives have not been altered, but the change in titles signals that the two are the leading internal candidates to take over the computer hard drive manufacturer when Charles Haggerty steps down next year.
July 31, 1999 |
Kingston Technology Co. founders John Tu and David Sun said Friday that they completed their previously announced purchase of 80% of Kingston from Japanese conglomerate Softbank Corp. for $450 million. The deal, handled by Synapse Capital LLC, closed Friday. Sun and Tu sold the stake in Kingston to Softbank three years ago for $1.5 billion in cash and stock. Tu and Sun still own 4.7 million Softbank shares, which are worth about $1.23 billion.