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| Type | Public (NASDAQ: MERX) |
|---|---|
| Founded | 1994, Oregon |
| Headquarters | Beaverton, Oregon, United States  |
| Key people | William C. McCormick, Chairman Mike Burger, CEO |
| Industry | electronics |
| Products | printed circuit boards |
| Revenue | $309 million USD (FY 2006) |
| Operating income | ▲ $9.9 million USD (FY 2006) |
| Net income | ▲ $1.4 million USD (FY 2006) |
| Employees | 4,450 (2006) |
| Divisions | Merix San Jose Merix Asia Merix Oregon |
| Website | merix.com |
| Financial data.[1] | |
Merix Corporation (NASDAQ: MERX) is a printed circuit board (PCB) manufacturer based in the U.S. state of Oregon.[2] The Beaverton based company is the 31st largest public company in Oregon based on market capitalization as of 2006.[3][4] The company is in the process of merging with Viasystems.
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History
Merix Corporation was started in 1994 as a spin-off from Tektronix, Inc. in Oregon’s Silicon Forest, employing 700 people.[5] Tektronix contiuned to own 27% of the new company.[6] The City of Portland’s Office of Sustainable Development awarded Merix a BEST Award in 1997 for water conservation.[7] Merix lost $9.6 million on revenues of $87 million in 2002, and followed that with losses of $30 million in 2003 on revenues of $95 million.[1]
In December 2004, the company bought Data Circuit Systems and named the unit Merix San Jose.[1] That fiscal year Merix returned to profitability with a $20,000 in earnings from $156 million in revenues.[1] On September 29, 2005, Merix purchased the operations of Eastern Pacific Circuits Holding Limited. Merix renamed these operations as Merix Asia.[8] In February 2007, the company was warned by NASDAQ for failing to have a full three member independent audit committee as required by NASDAQ listing rules.[9]
For the 2006 fiscal year they had revenues of $309 million and a profit of $1.4 million.[1] In January 2008, Merix announced the closing of their Wood Village, Oregon, factory they opened in 2004.[10] The company laid off 180 people company-wide as part of a restructuring plan at that time.[10] Another 230 people were laid off in early 2009,[11] and the company then lost $8.4 million on nearly $60 million in revenues in the quarter that ended in May 2009.[12]
Also in 2009, the company expanded its military and aerospace customer base, adding contracts to companies such as Rockwell Collins.[13] In October 2009, Merix announced they would merge with Viasystems with the combined entity headquartered in St. Louis, Missouri.[14]
Operations
The company's main domestic production facility is located in Forest Grove, Oregon, in the Portland metropolitan area.[15] The 250,000-square-foot (23,000 m2) facility employs about 800 people and is the city's largest employer.[15] Merix's other U.S. plant is located in San Jose, California.[15] Company headquarters are in Beaverton, Oregon, also in the Portland area,[15] with Mike Burger serving as the chief executive officer since 2007.[13]
Merix produces printed circuit boards that are used in various electronic equipment worldwide. This is primarily multi-layered rigid PCBs used in the automotive industry, communications equipment, testing equipment, and the computer industry. The manufacturing facilities are located primarily in China.[16]
References
- ^ a b c d e Merix Corporation 2006 Annual Report. Securities and Exchange Commission. Retrieved on March 25, 2008.
- ^ Merix Corporation (MERX). Portland Business Journal. Retrieved on March 25, 2008.
- ^ "The Oregonian Top 50". OregonLive.com. July 2, 2006. http://www.oregonlive.com/business/wide/index.ssf?/business/oregonian/top50.html.
- ^ Merix North America. Merix. Retrieved on May 14, 2008.
- ^ "Tektronix In a Spinoff", The New York Times, April 4, 1994.
- ^ Company News; Tektronix, posting a loss, plans 10% cut in work force. The New York Times, September 17, 1998.
- ^ 1997 BEST Winners. City of Portland, Oregon. Retrieved on March 25, 2008.
- ^ Merix Corporation - Company Profile Snapshot. Wright Reports. Retrieved on March 25, 2008.
- ^ NASDAQ warns Merix. Portland Business Journal, February 19, 2007.
- ^ a b Trevison, Catherine. Merix to lay off 180, close plant. The Oregonian, January 10, 2008.
- ^ "Merix lays off 230". Portland Business Journal. February 6, 2009. http://portland.bizjournals.com/portland/stories/2009/02/02/daily71.html. Retrieved 2009-10-09.
- ^ "Merix reports $8.4 million loss". Portland Business Journal. July 13, 2009. http://portland.bizjournals.com/portland/stories/2009/07/13/daily6.html. Retrieved 2009-10-09.
- ^ a b Siemers, Erik (June 26, 2009). "Merix gains a foothold in aerospace market". Portland Business Journal. http://portland.bizjournals.com/portland/stories/2009/06/29/story5.html. Retrieved 2009-10-09.
- ^ Hunsberger, Brent (October 6, 2009). "Oregon's Merix merging with circuit-board maker Viasystems". The Oregonian. http://www.oregonlive.com/business/index.ssf/2009/10/oregons_merix_merging_with_cir.html. Retrieved 2009-10-07.
- ^ a b c d Christensen, Nick (Oct.ober 9, 2009). "Merix to merge". The Hillsboro Argus: pp. A1. http://blog.oregonlive.com/hillsboroargus/2009/10/merix_to_merge.html. Retrieved 2009-10-09.
- ^ Company profile for MERX. Reuters. Retrieved on March 25, 2008.
External links
- New Merix CEO gets his orders - Portland Business Journal
- Spiraling Merix records another bleak quarter - Portland Business Journal
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