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Big Changes at Core Brands: Pollock Retires & Keller is Out

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BREAKING NEWS

Nortek's Core Brands LogoWe received word late today of big changes taking place at Core Brands as the company announced that President Bill Pollock will retire “after 27-years leading Panamax-Furman” and Core Brands. Pollock’s retirement becomes effective at the end of the year and he will be replaced by Joe Roberts, currently Core Brands Vice President of Products and Marketing.

The company also announced that Senior Vice President of Sales Dave Keller will be also leaving the company “before the end of the year.” Interestingly, there was no reason given for Keller’s departure.

See more on these dramatic developments… [Read more…] about Big Changes at Core Brands: Pollock Retires & Keller is Out

Pioneer Says Merger Talks with Onkyo Continue; But Equity Partner Appears Sidelined

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Pioneer LogoPioneer Corporation released an interesting document on September 12th – while much of the tech media was in Denver for CEDIA – titled Notice with Respect to Basic Agreement for the Integration of Pioneer’s Home AV Business and Onkyo. This curious document, six pages long, gives an update as to the state of the discussions between the parties in the previously announced “basic agreement” between Pioneer, Onkyo, and Baring Private Equity Asia for a “Capital/Business Alliance” related to Pioneer’s Home AV business.

Now, apparently, the deal’s changed…with Baring PE pushed to the sidelines… [Read more…] about Pioneer Says Merger Talks with Onkyo Continue; But Equity Partner Appears Sidelined

Pioneer Fire Sale Continues – Dumps DJ Biz to KKR

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KKR logoPioneer surprised everyone back in June of this year when word came that it had decided to sell its AV business to Onkyo Corp. and a private equity company. But actually, the gears for this and other deals were set in motion last year when the company launched a new strategic plan to focus on their core business – car electronics, their largest and most profitable division.

Now we learn the company has sold off its once burgeoning DJ business to KKR. See more… [Read more…] about Pioneer Fire Sale Continues – Dumps DJ Biz to KKR

Bain Capital Fails in Its Bid to Restructure D&M Holdings Buyout Financing

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Bain Capital logoIn February, we told you about a report from Reuters that Bain Capital was seeking to restructure their financing package originally constructed when they purchased  D&M Holdings (now known as the D+M Group) back in 2008. The original package was said to total ¥74.1 billion ($725.2 million), the senior debt portion of which is maturing this month. Reuters suggested at the time that Bain may experience difficulties getting a new deal, despite their financial prowess.

Now we learn that Reuters was right – Bain Capital has failed in its attempt to restructure the D&M Holdings debt.

See more on just what happened when Bain went back to the well on D&M… [Read more…] about Bain Capital Fails in Its Bid to Restructure D&M Holdings Buyout Financing

Private Equity Kingpin KKR Invests into Savant; Sets $215 Million Valuation

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Savant logoThe Wall Street Journal (WSJ) reported Tuesday that private equity powerhouse Kohlberg Kravis Roberts & Co. L.P. (KKR) has invested $90 million for a 35% stake in Savant Systems, LLC (Savant). While this is a minority stake, KKR is obviously bullish on the home automation supplier making what the WSJ says is an “eight-figure bet” that places a $215 million valuation on the home automation supplier.

See more on this news on a rapidly rising home automation supplier… [Read more…] about Private Equity Kingpin KKR Invests into Savant; Sets $215 Million Valuation

Wait Till You See What’s Coming, Core Brands VP Tells Us

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Nortek's Core Brands LogoLast week, Strata-gee was the first in the industry to report the financial second quarter results for Nortek, Inc. and while the overall news had many positive points – the results for the now-separately reported AV group was quite negative, driving the overall company into a net loss of $46.2 million. Our story hit pretty big, and drew a lot of “eyeballs” from around the industry.

One set of eyeballs belonged to a VP for Core Brands – who reached out to us… [Read more…] about Wait Till You See What’s Coming, Core Brands VP Tells Us

Needing Cash, Sharp Will Sell Land Under Major Factory

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Photo of woman walking past Sharp sign

Sharp Corp. is said to be in the process of selling the land under one of its major factories in Osaka, Japan, in a bid to raise cash. The transaction, reported by the Nikkei, is said to be happening as early as the current fiscal year.

But that’s not all the company is selling… [Read more…] about Needing Cash, Sharp Will Sell Land Under Major Factory

Nortek’s Struggling AV Division Forces Company to Book a $46.2 Million Q2 Net Loss; Burke is Out

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Sean Burke, Head of Technology Solutions Group is Leaving Company

Nortek LogoNortek Inc. released yesterday the financial results for their fiscal second quarter and first half showing a solid overall sales gain of 13.9% to $718.6 million, up from $630.7 million in the same quarter last year. Sales increased at a more moderate pace for the first half, coming in at $1.266 billion or 10.1% higher than the $1.149 booked last year.

But in a bit of a surprise, the company chose to break out the results of their AV division separately – clearly exposing what many had suspected for  a couple of years now – this division is in serious trouble. Even more surprising, in a filing with the SEC, the company revealed that Sean Burke, Group President of the Technology Solutions Group is leaving the company “to pursue other interests.”

See more on just what Nortek’s latest financial results show… [Read more…] about Nortek’s Struggling AV Division Forces Company to Book a $46.2 Million Q2 Net Loss; Burke is Out

Ingram Micro Set Q2 Sales Record, But Net Profits Get Slammed by Reorganization Costs

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Ingram Micro logoIngram Micro, Inc. reported the results for their fiscal second quarter and first half last week and the report was generally positive. The company noted that worldwide revenues in the quarter increased $600 million or 6% to a new Q2 record of $10.9 billion which they attributed to, among other things, “new mobility wins, robust networking sales and solid systems revenue in North America…strengthening retail and consumer markets in Europe; and better demand in Latin America.”

Ingram Micro’s press released  barely mentioned that net income dropped during the quarter. But a closer look at its SEC filing showed a meaningful drop in net income of 27.4% for the quarter and 36.8% for the half.

If things are going so well, why the drop in net profits at Ingram Micro?… [Read more…] about Ingram Micro Set Q2 Sales Record, But Net Profits Get Slammed by Reorganization Costs

Good News: Sharp is Forecast to Lose 2 Billion Yen in Fiscal 1st Quarter

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Photo of Sharp solar panelReport Says Sharp Plans to Withdraw from Consumer Electronics & Solar Businesses in Europe

In a new report out of Japan, the Nikkei is forecasting that Sharp Corp. will book a net loss of around ¥2 billion ($19.6 million) for their fiscal first quarter (April – June) this year. The report further says that the company plans to exit both the consumer electronics and solar panel businesses in Europe in order to refocus their efforts on other markets.

Why is a ¥2 billion loss good news? See more below… [Read more…] about Good News: Sharp is Forecast to Lose 2 Billion Yen in Fiscal 1st Quarter