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BUSINESS
June 5, 2007 | From Times Wire Services
Flextronics International Ltd. said it would buy rival Solectron Corp. for $3.6 billion in cash and stock to cut costs and expand its product line. The merger between the biggest U.S. companies in the contract electronics industry would create a company with more than $30 billion in annual revenue and a workforce of about 200,000 people, they said. Under the deal, each Solectron share will be swapped for either 0.3450 Flextronics share or $3.89 cash.
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BUSINESS
March 21, 2003 | David Streitfeld, Times Staff Writer
Solectron Corp., a Silicon Valley-based manufacturer of electronics equipment, said Thursday that it would lay off 12,000 people, about 16% of its workforce. The company said it didn't know where the jobs would be lost. Solectron is based in Milpitas and has operations in Cypress, but its factories are spread throughout the Americas, Europe and Asia. Spokeswoman Birgit Johnston said the cutbacks would happen over the next several quarters. "We'll tell our employees first," she said.
BUSINESS
March 25, 2005 | From Reuters
Contract electronics manufacturer Solectron Corp. posted a drop in quarterly revenue and forecast more declines in the second half of the year and said it would restate three years of results. Shares fell 9% in after-hours trading after Solectron posted a narrower net loss and operating earnings below the analyst consensus. The company, which makes products for name-brand corporations, also cited a "deep decline" in the outlook for general demand for products the company makes.
BUSINESS
June 23, 1986
Solectron Corp., San Jose, has named Charles A. Dickinson as its chairman of the board and appointed William Yee vice president-operations.
BUSINESS
April 15, 2000 | Bloomberg News
Solectron Corp., the No. 1 contract maker of electronics, said it is cutting more than half the jobs at a cell phone plant in Georgia as it moves production to Guadalajara, Mexico, to lower labor costs. The company will cut 475 full-time jobs and 375 temporary positions at the Suwanee plant. Milpitas, Calif.-based Solectron said it will provide separation benefits and help fired workers find jobs. Some workers may be offered positions at other Solectron plants. Solectron shares fell $2.
BUSINESS
May 30, 2001 | Reuters
Solectron Corp., the No. 1 contract electronics manufacturer, said that it had reached a deal to take over an optical equipment plant from Internet networking giant Cisco Systems Inc. Financial terms were not disclosed. Milpitas, Calif.-based Solectron said that it would take over production, testing and repair for Cisco's dense wave division multiplexing equipment, which is used to increase the bandwidth of optical fiber networks. Solectron fell $1.49 to $22.
BUSINESS
June 13, 2000 | Bloomberg News
Solectron Corp., the No. 1 contract maker of electronics, said fiscal third-quarter earnings jumped 42% to $127.6 million, or 21 cents a share, matching analyst estimates, as it built more mobile phones and computer networking equipment. The results exclude restructuring and acquisition charges. Revenue grew 52% to $3.59 billion. The company said shortages of parts will persist until the middle of next year and constrain revenue growth. Solectron shares rose $1.63 to close at $37.
BUSINESS
December 19, 2001 | Reuters
Solectron Corp., the world's largest contract electronics manufacturer, reported a fiscal first-quarter loss of $52.5 million, or 9 cents a share, on sharp declines in its personal computer and telecommunications operations. Solectron also said it would borrow up to $2 billion, partly to meet its short-term obligation to repurchase some notes due in January.
CALIFORNIA | LOCAL
December 4, 1999 | Associated Press
A high-tech manufacturing company has resolved a dispute with Muslim employees over their right to pray at work. Solectron Corp., based in Milpitas, Calif., and the Council on American-Islamic Relations on Tuesday announced the resolution of a dispute that began when more than 30 Muslim contract employees in Atlanta quit their jobs assembling cellular phones. They said they were not allowed to offer obligatory prayers during work breaks.
BUSINESS
June 18, 2004 | Alex Pham, Times Staff Writer
Solectron Corp., a contract manufacturer for top technology companies, significantly narrowed its third-quarter loss as sales picked up after a long slump. The Milpitas, Calif., company, which counts Cisco Systems Inc., IBM Corp. and Nortel Networks Corp. among its customers, on Thursday reported $3.04 billion in sales in the fiscal quarter ended May 31, up 29% from the same quarter a year ago. It lost $65 million, or 8 cents a share, compared with a $2.7-billion loss, or $3.
BUSINESS
March 23, 2004
* US Airways Group Inc. and UAL Corp. subsidiary United Airlines confirmed that they had received subpoenas that reportedly were part of a U.S. Treasury Department investigation of the Air Transportation Stabilization Board. * Solectron Corp., a Milpitas, Calif.-based maker of electronics for other companies, plans to sell its call-center business to HIG Capital in an effort to make a profit this year. Terms weren't disclosed. * PalmOne Inc. said its third-quarter net loss narrowed to $9.
BUSINESS
March 21, 2003 | David Streitfeld, Times Staff Writer
Solectron Corp., a Silicon Valley-based manufacturer of electronics equipment, said Thursday that it would lay off 12,000 people, about 16% of its workforce. The company said it didn't know where the jobs would be lost. Solectron is based in Milpitas and has operations in Cypress, but its factories are spread throughout the Americas, Europe and Asia. Spokeswoman Birgit Johnston said the cutbacks would happen over the next several quarters. "We'll tell our employees first," she said.
BUSINESS
December 19, 2001 | Reuters
Solectron Corp., the world's largest contract electronics manufacturer, reported a fiscal first-quarter loss of $52.5 million, or 9 cents a share, on sharp declines in its personal computer and telecommunications operations. Solectron also said it would borrow up to $2 billion, partly to meet its short-term obligation to repurchase some notes due in January.
BUSINESS
August 10, 2001 | Bloomberg News
Solectron Corp., the biggest maker of electronics for brand-name companies, agreed to buy C-Mac Industries Inc. for $2.7 billion in stock and an unspecified amount of debt to boost sales to auto makers and add design expertise. Solectron will exchange 1.755 shares for each of C-Mac's, valuing the company at $30.19 a share, or 33% more than Wednesday's closing price. Solectron fell as much as 15% on investor concern that the purchase makes the company more reliant on Nortel Networks Corp.
BUSINESS
March 23, 2004
* US Airways Group Inc. and UAL Corp. subsidiary United Airlines confirmed that they had received subpoenas that reportedly were part of a U.S. Treasury Department investigation of the Air Transportation Stabilization Board. * Solectron Corp., a Milpitas, Calif.-based maker of electronics for other companies, plans to sell its call-center business to HIG Capital in an effort to make a profit this year. Terms weren't disclosed. * PalmOne Inc. said its third-quarter net loss narrowed to $9.
BUSINESS
April 5, 2000 | Bloomberg News
Nortel Networks Corp. said it agreed to sell its plants in North America and Europe for $900 million to Solectron Corp., which will supply more than $10 billion in parts and services to Nortel under terms of the deal. Solectron, the No. 1 contract maker of electronics, plans to keep all 4,190 workers at the facilities, which test products, assemble phones and make circuit boards. Nortel will buy testing, manufacturing and repair services from Milpitas, Calif.-based Solectron.
BUSINESS
May 30, 2001 | Reuters
Solectron Corp., the No. 1 contract electronics manufacturer, said that it had reached a deal to take over an optical equipment plant from Internet networking giant Cisco Systems Inc. Financial terms were not disclosed. Milpitas, Calif.-based Solectron said that it would take over production, testing and repair for Cisco's dense wave division multiplexing equipment, which is used to increase the bandwidth of optical fiber networks. Solectron fell $1.49 to $22.
BUSINESS
March 20, 2001 | Reuters
Solectron Corp., the world's largest contract electronics manufacturer, met its second-quarter earnings target but said it's cutting 8,200 jobs worldwide amid weaker demand and an uncertain outlook for the second half of its fiscal year. "Changing economic conditions overall led to a significant reduction in demand from our customers as we moved through the quarter," said Chief Executive Koichi Nishimura. The Milpitas, Calif.
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