Merix Corporation

Last updated
Merix Corporation
Type Public
Industry electronics
Founded1994, Oregon
Headquarters Beaverton, Oregon,
United States
Key people
William C. McCormick, Chairman
Mike Burger, CEO
Products printed circuit boards
Revenue$287 million USD (FY 2009)
Decrease2.svg $49 million USD (FY 2006)
Decrease2.svg $49 million USD (FY 2006)
Number of employees
2,950 (2009)
Parent TTM Technologies
Divisions Merix San Jose
Merix Asia
Merix Oregon
Footnotes /references
Financial data [1]

Merix Corporation was an American printed circuit board (PCB) manufacturer based in Beaverton, Oregon. [2] Prior to a merger in 2010 with Viasystems, the company had been the 31st largest public company in Oregon based on market capitalization as of 2006. [3] [4] The company is now part of TTM Technologies.

Contents

History

Merix Corporation was started in 1994 as a spin-off from Tektronix, Inc. in Oregon's Silicon Forest, employing 700 people. [5] Tektronix continued 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. [8]

In December 2004, the company bought Data Circuit Systems and named the unit Merix San Jose. [8] That fiscal year, Merix returned to profitability with a $20,000 in earnings from $156 million in revenues. [8] On September 29, 2005, Merix purchased the operations of Eastern Pacific Circuits Holding Limited. Merix renamed these operations as Merix Asia. [9] 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. [10]

For the 2006 fiscal year they had revenues of $309 million and a profit of $1.4 million. [8] In January 2008, Merix announced the closing of their Wood Village, Oregon, factory they opened in 2004. [11] The company laid off 180 people company-wide as part of a restructuring plan at that time. [11] Another 230 people were laid off in early 2009, [12] and the company then lost $8.4 million on nearly $60 million in revenues in the quarter that ended in May 2009. [13]

Also in 2009, the company expanded its military and aerospace customer base, adding contracts to companies such as Rockwell Collins. [14] In October 2009, Merix announced they would merge with Viasystems with the combined entity headquartered in St. Louis, Missouri. [15] Merix reported a quarterly profit for the second quarter of their 2010 fiscal year, the first such profit since 2007. [16] The merger with Viasystems was completed in February 2010. [17] Viasystems was acquired by California-based TTM Technologies in May 2015 for $368 million. [18] [19]

Operations

The company's main domestic production facility was located in Forest Grove, Oregon, in the Portland metropolitan area. [20] The 250,000-square-foot (23,000 m2) facility employed about 800 people and was the city's largest employer. [20] Merix's other U.S. plant is located in San Jose, California. [20] Company headquarters were in Beaverton, Oregon, also in the Portland area, [20] with Mike Burger serving as the chief executive officer since 2007. [14]

Merix produced printed circuit boards used in various electronic equipment worldwide. This was primarily multi-layered rigid PCBs used in the automotive industry, communications equipment, testing equipment, and the computer industry. The manufacturing facilities were located primarily in China. [21]

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References

  1. ↑ "2009 Annual Report" (PDF). Merix. July 30, 2009. Archived from the original (PDF) on July 14, 2011. Retrieved 5 January 2010.
  2. ↑ Merix Corporation (MERX). Portland Business Journal . Retrieved on March 25, 2008.
  3. ↑ "The Oregonian Top 50". OregonLive.com. July 2, 2006.
  4. ↑ Merix North America. Merix. Retrieved on May 14, 2008.
  5. ↑ "Tektronix In a Spinoff", The New York Times , April 4, 1994.
  6. ↑ Company News; Tektronix, posting a loss, plans 10% cut in work force. The New York Times , September 17, 1998.
  7. ↑ 1997 BEST Winners. City of Portland, Oregon. Retrieved on March 25, 2008.
  8. 1 2 3 4 Merix Corporation 2006 Annual Report. Securities and Exchange Commission. Retrieved on March 25, 2008.
  9. ↑ Merix Corporation - Company Profile Snapshot. Archived 2007-09-26 at the Wayback Machine Wright Reports. Retrieved on March 25, 2008.
  10. ↑ NASDAQ warns Merix. Portland Business Journal , February 19, 2007.
  11. 1 2 Trevison, Catherine. Merix to lay off 180, close plant. The Oregonian , January 10, 2008.
  12. ↑ "Merix lays off 230". Portland Business Journal. February 6, 2009. Retrieved 2009-10-09.
  13. ↑ "Merix reports $8.4 million loss". Portland Business Journal. July 13, 2009. Retrieved 2009-10-09.
  14. 1 2 Siemers, Erik (June 26, 2009). "Merix gains a foothold in aerospace market". Portland Business Journal. Retrieved 2009-10-09.
  15. ↑ Hunsberger, Brent (October 6, 2009). "Oregon's Merix merging with circuit-board maker Viasystems". The Oregonian. Retrieved 2009-10-07.
  16. ↑ Rogoway, Mike (January 4, 2009). "Merix posts first profit in nearly three years". The Oregonian. Retrieved 5 January 2010.
  17. ↑ Rogoway, Mike (February 16, 2010). "Viasystems completes Merix purchase". The Oregonian. Retrieved 17 February 2010.
  18. ↑ Mueller, Angela (2014-09-22). "TTM Technologies acquiring Viasystems Group". www.bizjournals.com. Retrieved 2022-07-11.
  19. ↑ "Form 10-K". www.sec.gov. Retrieved 2022-07-11.
  20. 1 2 3 4 Christensen, Nick (October 9, 2009). "Merix to merge". The Hillsboro Argus . p. A1. Retrieved 2009-10-09.
  21. ↑ Company profile for MERX. Reuters. Retrieved on March 25, 2008.
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