Methode Electronics close two plants; takes merger charges

Chicago, IL—Methode Electronics Inc. recently reported that it intends to take an after-tax charge of up to $0.12 per share during its remaining 2004 fiscal year. This charge will include approximately $1.8 million for costs associated with Methode’s recently completed merger to eliminate its Class B stock and the unsolicited tender offer for its Class B stock, and up to $2.5 million needed to close two European manufacturing facilities.

01/27/2004


Chicago, IL— Methode Electronics Inc. recently reported that it intends to take an after-tax charge of up to $0.12 per share during its remaining 2004 fiscal year. This charge will include approximately $1.8 million for costs associated with Methode’s recently completed merger to eliminate its Class B stock and the unsolicited tender offer for its Class B stock, and up to $2.5 million needed to close two European manufacturing facilities. Methode manufactures electronic component and subsystem devices.

'We’re re glad to have completed the merger that eliminated our Class B stock,” says Donald Duda, Methode’s president. “Methode now has a single class of stock with equal voting rights, and three independent directors were recently added to our board. We look forward to working with our new directors, and continuing to build and develop Methode's business. 'The continued price erosion in the copper and fiber-optics cable assembly business, as well as sales lost to lower cost Eastern European and Asian suppliers, have rendered Methode's manufacturing facility in Ireland and one of its manufacturing facilities in the U.K. unsustainable. It is for these reasons that we are closing these operations.'

Methode designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies. Methode's components are found in the primary end-markets of the automotive, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), aerospace, rail and other transportation industries, as well as in consumer and industrial equipment markets.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





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