Product category:
Instrument Cases, Benchtop and Wall-Mounting Enclosures
News Release from: Inventronics
Edited by the Electronicstalk Editorial
Team on 25 December 2001
Inventronics sells off PDE subsidiary
Inventronics has sold off its wholly owned subsidiary, Pacific Design Engineering (PDE), to a group comprising PDE management and employees, effective 31st December 2001.
Inventronics has sold off its wholly owned subsidiary, Pacific Design Engineering (PDE), to a group comprising PDE management and employees, effective 31st December 2001 The sale follows an announcement from Inventronics on 5th November 2001 that it had written down its investment in PDE by $1,145,000 during the third quarter, and would seek a buyer for the Burnaby, BC based product design firm by 31st December
This article was originally published on Electronicstalk on 2 Jul 2008 at 8.00am (UK)
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Under the terms of the agreement, Inventronics will realize $350,000, which approximates the remaining carrying value of the investment, resulting in no material impact on the fourth-quarter operating results.
"We have tremendous respect for PDE's product design and engineering capabilities, but we concluded PDE is not part of Inventronics' core business of manufacturing custom enclosures", said Dan Stearne, Inventronics' President and CEO.
"We will maintain a close relationship with PDE, and contract its design services as we require them to meet our customers' requirements.
Our customers will continue to receive top-quality enclosure design services through our design departments located at each production facility in Brandon, Manitoba; Sherwood Park, Alberta; and Dudley, England.
While working together during the past two years, both IVT and PDE have gained a valuable understanding of each other's business", Stearne added.
"We will use that understanding to identify and secure future opportunities for each other in the marketplace".
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