SMTC Corporation Announces Plan to Exit China; Provides Updated Guidance for Fiscal 2019 and Provides Initial 2020 Guidance
SMTC CORP (SMTX)
Last smtc corp earnings: 3/12 07:54 pm
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Source: GlobeNewswire
TORONTO, Sept. 19, 2019 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider and winner of the Frost & Sullivan’s 2019 Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, today announced it plans to wind-down its Chinese manufacturing operations when its current Dongguan, China facility lease expires in December 2019. “Customer concerns about uncertainties relating to the prolonged impact of tariffs and macro-economic factors have caused a number of our customers to begin to re-evaluate demand for some of their products and reconsider where they outsource their manufacturing. Revenues attributable to production from SMTC’s manufacturing operations in China, which accounted for 5.3% of SMTC’s revenue in the first half of 2019, are projected to decline more than 30% for full year 2019 as compared to full year 2018, with continued contraction in 2020 which would result in negative op
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