RICHARDSON, TX – Titan Global Holdings plans to divest its PCB manufacturing units to its shareholders, and is also looking at the possible merger of Titan PCB into a public electronics company. Titan Global Holdings would become a shareholder in the latter, the company said in a press release today.
"In our view Titan PCB has contributed little to our current market valuation," said David Marks, Tital Global Holding's chairman. "This approach is designed to unlock the value of this division for the benefit of Titan’s shareholders."
Titan PCB includes two board shops and had sales of $17 million through the three quarters of fiscal 2007.
Under either plan, Titan would retain its Communications Division, Titan Energy Group and Titan Global Brands units. In recently issued revenue guidance for fiscal 2008, Titan PCB is forecast for $30 million in sales, a fraction of the company forecast of $735 million to $747 million.
Titan plans a decision by Oct. 31.
The proposed plans include:
A spinoff, accomplished through the pro rata dividend of 100% of Titan PCB, a wholly-owned subsidiary of Titan, to all shareholders of record on the record date set by Titan. If this course of action is pursued, the spinoff could be completed during the company's 2008 fiscal year.
A merger, accomplished through the issuance of stock to Titan in a synergistic public electronics company in exchange for 100% of the outstanding stock of Titan PCB. Under this approach, Titan could, over time, monetize its owned stock through the sale of such shares in the open market. Alternatively, Titan could distribute these shares to its shareholders consistent with Securities and Exchange Commission rules.
"As stated previously, after considerable consultation with our strategic investors and professionals, Titan's Board concluded that the aggregate value of Titan's 'PCB parts' were more valuable separately or through a merger with a synergistic company than through its existing structure within Titan Global Holdings," said Bryan Chance, president and chief executive of Titan Global Holdings.
LANGENFELD, GERMANY – AT&S Austria Technologie and Systemtechnik AG have selected Hitachi’s Photec H-9825 dry-film photoresist.
The dry film is currently in volume production at AT&S’s Hinterberg, Austria, facility with implementation scheduled for completion throughout Asia-Pacific manufacturing facilities during the next year.
In addition, AT&S is currently evaluating Photec DL-1000, a new series of laser imaging dry-film.
WASHINGTON, DC – Recent scientific tests have revealed that Apple's iPhone contains hazardous chemicals, says Greenpeace. According to the environmental organization, tests have uncovered two types of hazardous substances,which have already been eliminated by other mobile phone makers.
BOSTON -- Afer a slow start, demand for air freight grew in late September.
Many carriers announced higher fuel surcharges, and transit cargo backlogs were reported in regional air hubs in Japan, Taiwan and Korea.
Most carriers in Asia expect demand to build later this month and carry forward through November as the peak shipping season kicks in.
In Southeast Asia, Trans Global Logistics reported increased demand for space from most
countries. Carriers have been raising rates or demanding express/priority service to maintain normal transit windows. Transit times have also been adversely impacted by congestion at regional transit hubs.