Fab News

YAVNE, ISRAEL – Software provider Valor Computerized Systems plans an initial public offering of ordinary shares, according to a Securities and Exchange Commission filing.

The company did not disclose the expected size or price range of the IPO, but indicated the planned March offering may net up to $80.5 million.

The company plans to offer $50 million of shares, while shareholders will make an offer to sell of up to an additional $20 million of their shares and underwriters will be granted options for an additional $10.5 million worth of shares.

For the nine months ended Sept. 30, Valor's earnings were $2.2 million on revenue of $31.4 million.

Valor, currently traded on the Frankfurt Exchange, said its new symbol will be "VLOR."


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CHICAGO - Tapco Circuit Supply announced that it has acquired the PCB division of H.A.M Technology USA. According to Tapco president Kurt Palmer the acquisition is part of the company’s North American investment strategy. H.A.M. Technology is a supplier of drill room products including drill and router bits.

TOKYO – Some 90 years after its founding, Matsushita Electric Industrial Co. is shedding its eponymous name.

As of Oct. 1, Japan’s second-largest technology company will officially assume the name Panasonic Corp., a nod to its global brand.

President Fumio Ohtsubo said the decision was difficult, but that the brand will benefit from shedding the original name for the better-known moniker.
 
The name change will become effective Oct. 1, pending shareholder approval.

Matsushita was founded in 1918 by then 23-year-old Konosuke Matsushita.
 


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Beaverton, OR - As reported by Reuters, Merix reported a quarterly loss related to a factory closure in Hong Kong, and said it will cut about 180 jobs in North America where the PCB maker is being hit by a slowdown.

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