July 8, 1999 |
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.
July 3, 1999 |
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.
April 2, 1999 |
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.
February 10, 1999
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.
February 3, 1999
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.
December 4, 1998
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.