AVX Readies Non-Palladium Capacitors
AVX Corp., whose gross-profit margin fell 4.5 points, to 13.1%, in its latest quarter due partly to lower- priced components and the high cost of palladium, expects to have some non-palladium products this quarter, according to a report by Bear Stearns & Co. Inc., New York. AVX, Myrtle Beach, S.C., is manufacturing some lines of capacitors using silver and nickel substrates in place of palladium, which averaged $293 per troy ounce in the third quarter, up 48% from last year, the report said.
Kemet Buys Back 2 Million Shares
Kemet Corp.'s board of directors recently authorized the repurchase of up to 2 million shares of the company's common stock. "We believe Kemet's stock is undervalued at this point. Our current earnings are under pressure due to a sluggish industry demand for electronic components, selling price declines, and high-cost palladium materials; but we are confident in the long-range future of our company and the electronics industry," said David E. Maguire, chairman, president, and chief executive of the Greenville, S.C., company.
Kemet's stock was trading midday last Tuesday at $11.88, compared with a 52-week high of $25.25.
SaRonix Signs Lyons As Sales Rep
SaRonix, a manufacturer of frequency-control products based in Menlo Park, Calif., recently signed Ohio-based Lyons Corp. as its regional sales representative for the East Coast. Lyons will represent SaRonix's crystal and clock oscillators for sale to commercial, industrial, and military OEMs.
BKL Is Sold In Management Buyout
BKL Inc., a maker of electroluminescent lamps for lighting displays, was acquired last month by BKL management. BKL was a subsidiary of Lucas Control Systems' MMI division based in Hampton, Va. The company will retain its name and manufacturing facility in King of Prussia, Pa. "Lucas MMI planned to use the BKL facility as a manufacturing base that would put them in the position of providing EL lamps directly to their customers," said Richard W. Mental, general manager. "They realized that a portion of BKL's lamp output was not relevant to MMI's core markets of telecommunications and automotive, and they always planned to spin it off."