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Esterline to Sell Automation Segment
August 2, 2002 |Estimated reading time: Less than a minute
As part of the decision to sell the two companies, the Automation segment will be accounted for as a "discontinued operation" as defined by GAAP (Generally Accepted Accounting Principles) in the company"s fiscal third quarter ended July 26. The company expects to report a $23 million charge net of tax, including losses of approximately $11 million incurred in the segment this fiscal year through the end of the third quarter, and a loss of $12 million anticipated for the period up to disposal date, including a loss on disposal of the net assets of the segment. As required by GAAP, all reported prior-period results will be adjusted to reflect the discontinuance.
Northbrook, Ill. -- IPC -- Association Connecting Electronics Industries(r) has created a leadership meeting targeted exclusively toward suppliers of the printed circuit board (PCB) industry.