One of Singapore’s oldest companies is looking to sell its majority stake in Anaheim-based Multi-Fineline Electronix Inc., according to a Bloomberg report.
United Engineers Ltd. is looking to sell the printed circuit board maker, which it acquired as part of a $725 million deal for Singapore-based WBL Corp. Ltd. in May, according to the report. WBL, a holding company that owns about 62% of M-Flex, has influence over the company’s board, management and operations, according to regulatory filings.
M-Flex, which makes flexible circuit boards used in cellphones, smartphones and other mobile devices, is known to supply components to Apple Inc. and often tracks the Cupertino-based consumer electronics maker on the tech-heavy Nasdaq.
M-Flex has faced steep sales declines and mounting losses this year as it reduces inventory and production. Its revenue in the June quarter fell to $136.1 million, down 20% from the same period a year ago. It reported an adjusted loss of $18.5 million, compared to an adjusted profit of $4.3 million a year earlier.
—Chris Casacchia
