Merix Corporation Announces Sale of Hong Kong Facility
January 04 2010 - 8:00AM
Marketwired
Merix Corporation (NASDAQ: MERX) is pleased to announce it has
reached a binding agreement to sell the building and long term land
lease of its former Hong Kong manufacturing facility for $85.8
million Hong Kong dollars or approximately US$11.1 million. The
sale agreement is anticipated to close in the spring of 2010 and is
contingent upon approval by the Hong Kong Science and Technology
Park and the buyer completing required financing. Upon closing,
Merix anticipates net proceeds to approximate US$9.5 million from
the transaction. The building and land lease are currently held on
Merix financial statements at zero net book value.
About Merix
Merix is a leading manufacturer of technologically advanced,
multilayer, rigid printed circuit boards for use in sophisticated
electronic equipment. Merix provides high-performance materials,
quick-turn prototype, pre-production and volume production services
to its customers. Principal markets served by Merix include
communications and networking, computing and peripherals, test,
industrial and medical, defense and aerospace, and automotive end
markets in the electronics industry. Additional corporate
information is available on the internet at www.merix.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Securities Litigation Reform Act of 1995 relating to
the Company's business operations and prospects, including
statements related to estimates of financial results for future
reporting periods that are made pursuant to the safe harbor
provisions of the federal securities laws. These forward-looking
statements, which may be identified by the inclusion of words such
as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "goals" ,"remains optimistic" and other
similar expressions, are based on current expectations, estimates,
assumptions and projections that are subject to change. Actual
results may differ materially from the forward-looking statements.
Many factors, including the following, could cause actual results
to differ materially from the forward-looking statements: our
ability to control or pass through increases in the cost of raw
materials and supplies; anticipated changes in customer order
levels, product mix and inventory build-up; lower than expected or
delayed sales; continued availability of our line of credit
facility or sources of additional capital; the ability to
successfully restructure Merix Oregon; fluctuations in demand for
products and services of the Company, including quick-turn and
premium services; foreign currency risk; the introduction of new
products or technologies by competitors; the ability to avoid
unanticipated costs, including costs relating to product quality
issues and customer warranty claims; ability to hire, train and
retain necessary labor to produce our products; pricing and other
competitive pressures in the industry from domestic and global
competitors; all other risks inherent in foreign operations such as
increased regulatory complexity and compliance cost and greater
political and economic instability; our ability to fully utilize
our assets and control costs; our ability to retain or attract
employees with sufficient know-how to conduct our manufacturing
processes and maintain or increase our production output and
quality; and other risks listed from time to time in the Company's
filings with the Securities and Exchange Commission or otherwise
disclosed by the Company, including those set forth in the
Company's first quarter report filed on Form 10-Q for the period
ended August 29, 2009, Annual Report on Form 10-K for the year
ended May 30, 2009 and amended Form S-4 filed December 17, 2009.
Merix Corporation does not undertake to update any such factors or
to publicly announce developments or events relating to the matters
described herein.
Merix Investor Relations Contact: Allen Muhich Vice President,
Finance 503.716.3700
Merix (MM) (NASDAQ:MERX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Merix (MM) (NASDAQ:MERX)
Historical Stock Chart
From Aug 2023 to Aug 2024