In its third quarter of 2005, plug connection manufacturer Molex has achieved a turnover of 612.8 M US$ and a net profit of 44.8 M US$. Compared to the third quarter of the previous year, the turnover climbed by 8 %. The net profit was reduced slightly by 2 %. Compared with Q3/2004, the turnover development was as follows: Far East, South +20.2%, Japan and Korea: +3.9%, America -8.5% and Europe: +22.8%. The high growth rates in Europe are the result of additional income of the former automotive and special connection department of the connection company Cinch, a subsidiary of the French SNECMA Aerospace group. Molex took over this segment in April 2004.
At the same time, the company announced that it was undertaking various restructuring measures. The manufacturing base for industrial products in New England and the automotive factory in Detroit are to be closed. The automotive development segment in Detroit is to remain. In addition, Fabs in Ireland and Portugal will be closed down. A development department in Germany will be scaled down. Approximately 1,200 employees are affected by the measures.
As was reported in December by channel-e, Martin Slark will assume the post of CEO from July and relieve the interim CEO Krehbiel. In addition, Werner Fichtner, President for Europe will leave the company after 23 years, also on the 30th of June. His successor is Graham Brock, who has been with Molex for 28 years and was last the European Sales and Marketing Manager.
