Plantronics sells Chinese facility to cut costs

Santa Cruz Sentinel

SANTA CRUZ–Plantronics Communication Technology, a China-based subsidiary of Santa Cruz-based Plantronics, sold a nearly 210,000-square-foot manufacturing facility in Suzhou for about $9.58 million to Scanfil Co. Ltd., an international systems supplier and contract manufacturer to the communications sector and electronics industry.

Plantronics opened the design facility in 2006 and employed more than 650 people there, according to the company’s annual report for fiscal 2009. They were all given notice last year when plans were announced to outsource production of Bluetooth products in China and consolidate operations. GoerTek, the new supplier, is in Weifang, China. The building has been on the market since the end of September.

Scanfil paid 1 percent of the total price as a deposit, according to the deal. The rest will be paid after certain legal steps are completed, probably before Dec. 1, according to documents filed Thursday with the Securities and Exchange Commission.

On Monday, Plantronics reported a 21 percent jump in year-over-year first fiscal quarter net income. At an annual shareholder meeting later that day, the following directors were voted in: Marv Tseu, Ken Kannappan, Brian Dexheimer, Gregg Hammann, John Hart, Marshall Mohr and Roger Wery.

Company shares closed Friday at $29.97, down 6 cents. In the last year, shares have closed between $23.02 and $34.91.

This article first appeared here.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s