C.P. Clare announces the sale of its Belgian manufacturing facility.LEXINGTON, Mass.--(BUSINESS WIRE)--Dec. 19, 1996 C.P. Clare enters into a stock purchase agreement with Gunther, GmbH to sell Tongeren Manufacturing Company. C.P. Clare Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ), announced today that it has entered into a stock purchase agreement with Gunther, GmbH to sell Tongeren Manufacturing Company. The transaction is expected to close in January 1997. As part of the stock purchase agreement, the parties will negotiate a long term supply contract, in which Tongeren Manufacturing Company will supply its mercury switches A mercury switch is a switch whose purpose is to allow or interrupt the flow of electric current in an electrical circuit in a manner that is dependent on the switch's physical position or alignment relative to the direction of the "pull" of earth's gravity. and relays exclusively to C.P. Clare. Both mercury relays and switches will continue to be sold worldwide by C.P. Clare. "This is another step towards our goal to address our worldwide efficiency and effectiveness, an effort which was begun on September 17, 1996 with the announcement of a restructuring," explained Arthur R. Buckland, President and Chief Executive Officer of C.P. Clare. "We are pleased with the sale of our Belgian manufacturing facility to Gunther, GmbH. Gunther, and its affiliated company, Comus International, are recognized leaders in the production of mercury switches and Gunther should prove to be an excellent subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. for us. Our supply contract provides the opportunity for a positive partnership." "The purchase of C.P. Clare's manufacturing facility in Belgium is exciting for us as it expands our capacity and gives us access to a high quality operation," stated Elson Nowell, Managing Director of Gunther, GmbH. "We look forward to a long term relationship with C.P. Clare." C.P. Clare announced on December 3, 1996 a downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of approximately 160 employees of Tongeren Manufacturing Company. The severance negotiations are expected to be continued This article is about the Elton John box set. For the plot device commonly featuring the phrase "To be continued", see Cliffhanger. To Be Continued by the buyer. C.P. Clare Corporation (NASDAQ:CPCL) is a leading provider of semiconductor and electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. relays, switches, and specialized electronic components to the world's foremost manufacturers of electronic communication equipment. -0- Except for historical information contained herein, the matters set forth in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved. Factors that could impact future results include a timely closing of the transaction, future actions taken by the employees of Tongeren Manufacturing Company and other factors that may affect the market for mercury switches and relays. CONTACT: C.P. Clare Jacqueline D. Arthur, 617/863-8700 Ext. 702 or Robert M. Palladino 617/863-8700 Ext. 704 |
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