METHODE ELECTRONICS TO SELL TRACE INSTRUMENTS SUBSIDIARY
METHODE ELECTRONICS TO SELL TRACE INSTRUMENTS SUBSIDIARY CHICAGO, May 22 /PRNewswire/ -- Methode Electronics, Inc.
(NASDAQ: METHB) today announced its intention to concentrate on its core interconnect device and control business and offer for sale the Trace Instruments automatic circuit verification test equipment subsidiary in spite of an improved outlook for the activity. Methode said it will classify Trace as a discontinued operation which will result in a fourth quarter charge ranging from $3,600,000 to $4,200,000, or $.32 to $.38 a share.
President William J. McGinley said "Our primary business is in the design and manufacture of components and devices for sale to original equipment manufacturers in the automotive, computer, telecommunications, military and industrial marketplaces. Our Trace test business requires a completely different approach to design, manufacture, and market the product and we believed it was time to devote full attention to our basic business. "We have been approached by interested parties from time-to-time over the last few years and we expect to be in contact with them over the next few weeks. We have the largest installed base in the United States with several hundred pieces of equipment in place which will be an attractive opportunity to companies attempting to obtain a stronger position in the circuit verification test equipment business. "Recently introduced equipment for a new generation of universal dual-side systems has now been field tested. The company was several years late in its introduction but now the instruments have the performance attributes to resume leadership in the domestic market for unloaded circuit board testers and expand its overseas penetration," McGinley concluded. -0- 5/22/92 /CONTACT: Eugene Lyman of E.W. Lyman, 312-868-9800 for Methode, or Kevin Hayers, VP & Treasurer., of Methode Electronics 708-867-9600/ (METH) CO: Methode Electronics, Inc. ST: Illinois IN: CPR SU:
LR -- NY040 -- 3373 05/22/92 14:17 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||May 22, 1992|
|Previous Article:||ICOT TO FILE AMENDMENT TO ANNUAL REPORT WITH SEC|
|Next Article:||FLEDGLING ORANGE COUNTY HOME BUILDER BRINGS HOME THE GOLD|