DDL Electronics Inc. Will Change Name to SMTEK International Inc.
Business Wire - October 07, 1998 15:12
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Oct. 7, 1998--DDL Electronics Inc. (NYSE:DDL) Wednesday announced that its board of directors has approved a change of the company's name to SMTEK International Inc.
Required filings have been completed with the New York Stock Exchange and the State of Delaware, where the company is incorporated, and the new name will become effective at the close of business on Oct. 9, 1998.
SMTEK International shares will trade under the ticker symbol SMK on the New York and Pacific exchanges beginning Oct. 12, 1998.
According to Gregory L. Horton, president and chief executive officer, the transition to the SMTEK International name signifies a new beginning and "perpetuates a 13-year reputation of quality, design, engineering and automated production services" established by its operating subsidiary, SMTEK Inc., based in Thousand Oaks.
Horton stated: "Since coming aboard nearly three years ago, the current management team has slashed debt and strengthened the company's financial position. We've recorded six consecutive quarters of operating profits, and posted net income in five of the last six quarters.
"We've also clearly defined and focused the operating strategy. Inasmuch as a new era has been ushered in, it is entirely fitting to do so under a name that points to the future."
Horton also indicated that the company plans to develop a strong, positive image for SMTEK International, targeting audiences ranging from customers to shareholders, as well as to create a unified identity for its operating subsidiaries.
With headquarters in Thousand Oaks, DDL Electronics provides customized electronics manufacturing services (EMS) to original equipment manufacturers (OEMs) in the computer, telecommunications, instrumentation, medical, industrial and aerospace industries.
The company also fabricates multilayer printed circuit boards (PCBs) for use in the computer, communications and instrumentation industries. The company's EMS operations are in Southern California, Florida and Northern Ireland. Its PCB facilities are located in Northern Ireland.
CONTACT: DDL Electronics Inc.
Richard K. Vitelle, 805/376-9415, ext. 142
or
Foley/Freisleben LLC
Gerald S. Freisleben, 818/986-5700
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