Smartflex Systems Inc

A Michigan electronics firm said Thursday that it completed its acquisition of Tustin electronics parts maker Smartflex Inc. for about $68 million in cash. Smartflex becomes a subsidiary of closely held Saturn Electronics & Engineering Inc. of Auburn Hills, which provides electronic and electromechanical systems. Saturn paid $10.50 a share, more than double the price of Smartflex shares the day before the deal was announced early last month. Saturn received 6.

Smartflex Systems Inc. will expand its manufacturing operations in Monterrey, Mexico, doubling its capacity to make flexible interconnect assemblies to 400,000 per week. Smartflex said the new facility will be housed in a plant now under construction. The plant is expected to be fully operational in the second quarter next year.

Smartflex Systems Inc.: The Tustin provider of automated electronics manufacturing services incurred a net loss of $546,000, or 8 cents a share, for the second quarter, contrasted with net income of $387,000, or 6 cents a share, a year ago. Revenue was up 12% to $30.3 million from $27 million. Earlier this month, Smartflex entered into an agreement to be acquired by Saturn Electronics and Engineering Inc.

Smartflex Systems Inc. said it will dismiss about 220 employees, including about 15 at its Tustin headquarters, in a move to streamline its operations after several acquisitions. The bulk of the cuts will come from the company's operations in Singapore; Monterrey, Mexico; Fremont in Northern California, and West Long Branch, N.J., said company President William Healey. After the restructuring, the company will have about 1,800 employees.

The Tustin electronics manufacturing services company said net income for the fourth quarter totaled $167,000, or 3 cents a share, down 68% from the $515,000, or 8 cents a share, recorded a year ago. Revenue declined 39% to $23.1 million from $38.1 million. Net income for the year was $1.5 million, or 24 cents a share. For 1997, the company recorded a net loss of $4.1 million, or 65 cents a share, which included a one-time, pretax restructuring charge of $5.2 million. Revenue fell 19% to $107.

Tustin-based Smartflex Systems Inc. said Thursday it has purchased Logical Services Inc. of Santa Clara for $2.3 million in cash. Logical, a privately held electronic engineering, design and development company with annual revenue of $3 million, becomes a subsidiary of Smartflex but will retain its name. Smartflex provides electronics manufacturing services.

Smartflex Systems Inc. said it agreed to acquire Tanon Manufacturing Inc., which filed a bankruptcy petition Thursday. Financial terms were not disclosed. Smartflex, based in Tustin, makes electronics components. Tanon, a subsidiary of EA Industries Inc., provides electronics manufacturing services. Tanon will ask a Bankruptcy Court to approve the deal, according to Smartflex.

Smartflex Systems Inc., an electronic parts maker, said Wednesday it agreed to be bought for about $67.9 million in cash by closely held Saturn Electronics & Engineering Inc., which makes electronic systems for the automotive, defense and other industries. Auburn Hills, Mich.-based Saturn, which sells electronic parts to the top U.S. auto makers, agreed to pay $10.50 for each of Smartflex's 6.4 million shares outstanding, more than double the stock's price the day before the deal was announced.

Smartflex Systems Inc. of Tustin, an electronics parts maker, said it has agreed to be bought for about $67.9 million by closely held Saturn Electronics & Engineering Inc. of Auburn Hills, Mich. Saturn makes electronic systems and parts for the automotive, defense and other industries. Saturn will pay $10.50 for each of Smartflex's 6.4 million shares outstanding, more than double Tuesday's closing price of $5.03. Smartflex stock rose $4.53 to close at $9.56 on Nasdaq.

Smartflex Systems Inc., a Tustin provider of electronics manufacturing services, said it is in discussions to be acquired by another company and has hired an advisor to oversee the process. Smartflex would not identify the company involved in the negotiations or the investment advisor. The move reflects a broader consolidation taking place in the industry, which has struggled with excess capacity and customer demands for lower prices, analysts said.

Smartflex Systems Inc. said it will dismiss about 220 employees, including about 15 at its Tustin headquarters, in a move to streamline its operations after several acquisitions. The bulk of the cuts will come from the company's operations in Singapore; Monterrey, Mexico; Fremont in Northern California, and West Long Branch, N.J., said company President William Healey. After the restructuring, the company will have about 1,800 employees.

The Tustin electronics manufacturing services company said net income for the fourth quarter totaled $167,000, or 3 cents a share, down 68% from the $515,000, or 8 cents a share, recorded a year ago. Revenue declined 39% to $23.1 million from $38.1 million. Net income for the year was $1.5 million, or 24 cents a share. For 1997, the company recorded a net loss of $4.1 million, or 65 cents a share, which included a one-time, pretax restructuring charge of $5.2 million. Revenue fell 19% to $107.

Tustin-based Smartflex Systems Inc. said it has completed its purchase of certain assets of Tanon Manufacturing Inc. for about $15 million. Tanon, which has facilities in West Long Branch, N.J., and Fremont, provides electronic manufacturing services for the telecommunications, industrial controls, performance printing, automotive and medical marketplaces. It is a subsidiary of EA Industries Inc. Smartflex makes electronics components.

Tustin-based Smartflex Systems Inc. said it has completed its purchase of certain assets of Tanon Manufacturing Inc. for about $15 million. Tanon, which has facilities in West Long Branch, N.J., and Fremont, provides electronic manufacturing services for the telecommunications, industrial controls, performance printing, automotive and medical marketplaces. It is a subsidiary of EA Industries Inc. Smartflex makes electronics components.

Smartflex Systems Inc.: The Tustin maker of data storage systems said its first-quarter profit more than tripled to $828,000 as profit margins widened and component shortages eased. The quarter's profit, equal to 13 cents, came as revenue increased 22% to $37 million. A year earlier, the company reported net profit of $234,000, or 4 cents a share. Smartflex officials said the reorganization of international operations last year also helped improve the profit picture.

Smartflex Systems Inc. said it agreed to acquire Tanon Manufacturing Inc., which filed a bankruptcy petition Thursday. Financial terms were not disclosed. Smartflex, based in Tustin, makes electronics components. Tanon, a subsidiary of EA Industries Inc., provides electronics manufacturing services. Tanon will ask a Bankruptcy Court to approve the deal, according to Smartflex.

Smartflex Systems Inc.: The Tustin electronics manufacturing services company said net income for the third quarter totaled $134,000, or 2 cents a share, compared with a net loss of $5.4 million, or 85 cents a share, a year ago. That loss included a pretax restructuring charge of $6.5 million. Revenue declined 27% to $20.5 million from $28 million.