Business briefs
17 Jun 2002
Including news from Northrop Grumman, TRW, Cree, Corning, Jenoptik, Lambda Physik and more.
Defense giant
Northrop Grumman has increased its unsolicited exchange offer for all the outstanding shares of
TRW. Having offered USD 47 per share last month, Northrop has now upped its bid to USD 53 per share. TRW's board of directors is reviewing the offer and advising shareholders to take no action at this time.
Xtreme Technologies, a joint venture between Germany-based laser developer
Jenoptik and
Lambda Physik, is to receive an undisclosed amount of funding from the German federal ministry of education and research. Xtreme will use the cash to develop extreme UV light sources for next-generation lithography. Jenoptik and Lambda Physik are also set to invest more than EURO 10 million in the project by 2004.
US-based
Cree has posted third quarter revenues of USD 33.4 million, a 19% sequential decrease from the USD 41 million recorded for the previous quarter. The company reported a net loss of USD 68.2 million for the quarter, equivalent to 94 cents per share, but anticipates a return to growth in the coming quarter.
John Loose is to retire as president and chief executive officer of
Corning on April 25. The company's current chairman of the board, James Houghton, is to take on the additional role of chief executive officer. Wendell Weeks, currently the president of Corning Optical Communications, will be nominated as company's president as well as chief operating officer.
Netherlands-based
Lion Photonix Technologies and Micro System Technologies, the business unit of
3T also in the Netherlands, have joined forces to develop lab-on-a-chip systems. Lion Photonix is a provider of integrated optics and microsystems services whilst Micro System specializes in microfluidics development.
US-based displays developer
Three-Five Systems has announced first quarter revenues of USD 23.1 million, a USD 12.5 million decrease compared with the same period last year. The company says it shipped 22% fewer LCD units at lower prices than those in the first quarter of 2001.
