PHILADELPHIA -- Rohm and Haas said its third-quarter results will include an after-tax, non-cash charge of $42 million to cover a recent court decision regarding the company's domestic pension plan.
As disclosed in a Sept. 4, 8-K filing, the Seventh Circuit Court of Appeals recently affirmed a decision of an Indiana Federal District Court that participants in Rohm and Haas' U.S. pension plans who elected a lump-sum benefit during a class period have the right to a cost-of-living adjustment as part of their retirement benefit. If this decision stands, the U.S. pension trust would be required to pay these amounts, but the company will take the necessary steps to modify the plan to ensure pension expenses will not increase.
Tthe Rohm and Haas pension plan is currently overfunded and therefore the company will not have any current requirement to add cash to the fund if this decision stands.
Rohm and Haas also announced that it expects underlying third-quarter earnings per share, excluding restructuring, asset impairments and the one-time pension charge, to be in the range of $0.85 to $0.87.
FOREST GROVE, OR -- Merix Corp.'s board has adopted a shareholder rights plan with a 15% trigger.
In a company-issued announcement, Merix said under the plan, each shareholder will receive a dividend of one right for each common share held of record on Nov. 16, and the rights will expire on Oct. 16, 2017.
BANGALORE – Cookson Electronics will open a state-of-the-art research center here later this month. The 32,000 sq. ft. facility will aid semiconductor and alternative energy research, and help boost Asian sales, which currently make up 60% of the company's assembly materials business.
The center, which opens Oct. 23, will focus on semiconductor manufacturing and packaging materials, and renewable energy, including solar technologies, said Dr. Bawa Singh, vice president of technology and chief technology officer. "We are building a strong foundation in nano-technology-based materials that will allow our customers to achieve paradigm shifts in their product performance.”
The company's original center is on the Indian Institute of Science campus in Bangalore. The company has outgrown that site.
“Several years ago our company made a strategic decision to establish an R&D center in Bangalore and develop a close relationship with the Indian Institute of Science," said president and chief executive Steve Corbett in a statement. The new center is "extremely important to our continued growth in Asia."
Currently, 60% of Cookson's assembly materials business is derived from the Asia Pacific.
"It is critical in our business that our research and development be close to our customers so we can respond quickly to new product development opportunities,” Corbett said.
ROGERS, CT – Rogers Corp., manufacturer of high-performance specialty materials, today upped its third-quarter guidance 13 to 15%. The company now projects net sales of between $109 million and $110 million, compared to the Aug. 6 guidance of $94 million to $97 million.
SOUTHINGTON, CT – UyemuraInternational
Corp. has published the second-edition of its newsletter, “Clear Signals.”
The work discusses RGA immersion silver, which meets every
RoHS and WEEE requirement, Uyemura says.
Featured is an article on the best ways to minimize gold
costs in electroplating by efficient application methods and chemistries.
Additionally, the newsletter covers a unique organic additive system, ideal for
acid copper DC electroplate, which results in long-term reliability improvement
in the PCB and package.