BURBANK FIRM SELLS ELECTRONICS DIVISION.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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Haskel International Inc., a Burbank-based pump manufacturer, has sold its electronic products unit to an unnamed individual in a move that refocuses the company on its core business. The company declined Thursday Thursday: see week. to identify the buyer but said the unit's selling price was equal to its net asset value of slightly under $1 million. Additional terms were not disclosed. ``With the completion of this sale, Haskel can now focus on high-pressure technology - an area of greater opportunities,'' R. Malcolm Greaves greaves cracklings, an edible raw fat from the meat trade. The skimmings from the preparation of this fat are also called greaves. They represent a low grade of meat meal. , the company's president and chief executive officer, said in a statement. Twenty-two people work at the unit. No job cuts are planned and the electronic products business will remain in Burbank, said Lonnie D. Schnell, Haskel's chief financial officer. The unit distributes capacitors, integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. , resistors and transistors. It recently has accounted for about 20 percent of Haskel's revenue. Schnell said the sale was a strategic move. ``It didn't fit with our focus on high-pressure technology,'' he said. During fiscal 1997, the company took a one-time $7.5 million writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. on the electronics unit. It resulted in the company posting a net loss of $2.9 million, or 60 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenue of $51.4 million during the year. In fiscal 1996, Haskel earned $2.5 million, or 54 cents per share, on revenue of $42.1 million. The company has about 340 workers worldwide, including 200 in Burbank, where the manufacturing is done. |
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