Another Hong Kong company, Astec (BSR) Plc, supplier of power conversion tools, printed circuit boards and instrumentation tools, has swung back into the red during the first half of 1991. Pre-tax losses amounted to UKP3m, against UKP5m profits for the same period last year, on turnover which fell 13.5% to UKP134m. The power conversion business contributed sales of UKP82m, down 6%, and the electronics components division – formerly incorporating the company’s cellular phone business, saw revenues fall 22% to UKP53m. The Hong Kong company, which is quoted on the London Stock Exchange and is based in Stourbridge, West Midlands in the UK, has dissolved its cellular phone business, as of June 30, liquidating its inventory and shedding 600 staff. The division’s facilities are now being used for making power modules. Astec now has 11,500 employees. Some 50% of its business is generated in the US – the company has a couple of operations in California; 25% of turnover comes from Europe, the balance coming from Asia and the rest of the world. Astec’s major customers include IBM Corp, Apple Computer Inc, Hewlett-Packard Co, Compaq Computer Corp and Siemens AG – said finance director Tony Shanagher, if those firms are hurting then we hurt too.
