Industrial News

CEBU CITY -- Japanese consumer electronics manufacturer Funai Electric Co. Ltd. has taken over the inkjet-related facilities and staff of Lexmark International (Philippines), Inc. in Mactan. Information about the acquisition was relayed to the office of Mactan Economic Zone Administrator Sansaluna Pinagayao last month, less than a year after Lexmark announced it was going to shut down the Mactan plant and get out of the inkjet market by 2015 to focus on the high-value imaging and software businesses. Funai took over the Mactan plant on May 1, sources said. The Mactan plant, which occupies over three hectares at [...]

For over two decades, Honda Cars Philippines' facility in Santa Rosa, Laguna, has been manufacturing affordable and high-quality automobiles. From the legendary EG Civic to the newest GM City, all units produced at this plant have been assembled with the greatest of care. I've always felt that the Philippine-made cars have had an edge over other Hondas made outside Japan. Maybe it's that extra attention to detail that our countrymen put into their work, but it has always been a point of pride for me, despite not being a flag-waving cheerleader for the "Proudly Philippine-made" set. Recently, we were [...]

Complementary Products and Markets Create Opportunities for Growth in Global Electrical Industry Cooper Shareholders to Receive $39.15 per Share in Cash and 0.77479 in Ordinary Shares for 29% Premium; Transaction Equity Value of $11.8 Billion. The Acquisition is expected to be accretive to operating earnings per share by $0.35 in 2014 and by $0.45 in 2015. Excluding the non-cash expense related to the amortization of intangibles arising from purchase accounting, the Acquisition is expected to be accretive to operating earnings per share by $0.65 in 2014 and by $0.75 in 2015 . The Acquisition will be financed with a [...]

Western Digital Corp. (NYSE: WDC) today announced that it has completed its acquisition of Viviti Technologies Ltd. (formerly Hitachi Global Storage Technologies), effective Mar. 8, 2012, for $3.9 billion in cash and 25 million shares of WDC common stock valued at approximately $0.9 billion1. Hitachi, Ltd. now owns approximately 10 percent of WDC shares outstanding, and it has the right to designate two individuals to the board of directors of WD. The new WD will operate with WD Technologies (WD) and HGST as wholly owned subsidiaries. Aggregated revenues of the two companies in 2011 were $15 billion. As [...]

French oil and gas group Total has announced it will launch a friendly tender offer for a majority share in California-based solar company, SunPower. The two parties have also entered into a research and collaboration agreement. The deal is set to be one of the largest ever single investments by an oil company in renewable energy, as Total plans to buy up to 60 percent of SunPower’s A and B shares at a price of $23.25 each; a 46 percent premium to the A shares’ closing price on Wednesday, and an overall cost of $1.37 billion for the [...]

Strategic transaction greatly expands ON Semiconductor’s presence in Japan and is expected to further the company’s growth on a global basis ON Semiconductor Corporation (Nasdaq: ONNN) today announced the completion of the acquisition of SANYO Semiconductor Co., Ltd., a subsidiary of SANYO Electric, and other assets related to SANYO Electric’s semiconductor business, by ON Semiconductor. Under the terms of the purchase agreement, ON Semiconductor paid approximately ¥11.8 billion ($144 million) in cash to SANYO Electric and drew down approximately ¥31.7 billion ($378 million) under a loan agreement with SANYO Electric. “The combination with SANYO Semiconductor represents an important step [...]

PerkinElmer Inc. (NYSE:PKI) completed the offloading of its illumination and detection solutions business to a private equity firm for a half billion. The unit went to Excelitas Technologies Corp., an affiliate of New York-based private equity firm Veritas Capital Fund III LP, and netted the Waltham, Mass.-based diagnostics and equipment giant $482 million, according to the company. The 3,000-employee division, with 14 plants around the world, makes custom lighting and sensors for the OEM market in the health, environmental and security industries. PerkinElmer said it expects the business to generate about $300 million in revenues this year. When the [...]