bought a State College, Pa., ceramics plant for $5.1 million.
The Fairview, Pa., manufacturer of electronic control products bought the 250,000-square-foot facility and 53 acres of land from Murata Electronics North America. The property will serve as the design and manufacturing center for Spectrum Control's ceramics operations.
Spectrum also said fourth-quarter ceramics volumes missed targets, but strong shipments in other lines made up the shortfall in electromagnetic interference product revenue. Spectrum said fourth-quarter revenue fell 2% sequentially to $25.4 million, while new customer orders rose 27% on the same basis to $31.7 million.
"Our ceramic manufacturing facility in New Orleans was severely damaged by Hurricane Katrina, including impairment to the structural integrity of the building itself," said CEO Dick Southworth. "Since the Hurricane, our assessment and recovery efforts have been severely hampered by poor working conditions, as electrical power and clean drinking water have yet to be restored to the area. To date, all usable equipment has been removed from the building and transferred to our newly acquired facilities in State College. For all equipment which was damaged beyond repair, replacement equipment has been ordered and is expected to be received and placed into service during our first quarter of fiscal 2006. We anticipate pre-production volumes to begin at the State College facilities in February 2006, with full production during the third quarter of fiscal 2006."
On Tuesday, shares of Spectrum Control rose 29 cents to $6.50.