Merix Corporation
Merix Corporation was an American printed circuit board manufacturer that operated from Oregon and became part of Viasystems in 2010, which was later acquired by TTM Technologies.
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Overview
Merix Corporation was an American manufacturer of printed circuit boards, established in 1994 through a spin-off from Tektronix in Oregon's Silicon Forest. The company began with approximately 700 employees, while Tektronix retained a minority ownership interest after the separation. Merix focused on the production of multilayer rigid printed circuit boards used in electronic equipment, serving markets that included automotive systems, communications equipment, test and measurement equipment, computers, and later military and aerospace applications. The company operated primarily as an industrial electronics-components supplier rather than as a consumer-facing product brand. Its principal domestic manufacturing site was in Forest Grove, Oregon, where a roughly 250,000-square-foot facility employed approximately 800 people and was described as the largest employer in the city. Merix also operated a facility in San Jose, California, while much of its broader manufacturing capacity was located in China. Corporate headquarters were in Beaverton, Oregon. Merix expanded through acquisitions during the mid-2000s. In December 2004, it purchased Data Circuit Systems and renamed the operation Merix San Jose. In September 2005, it acquired the operations of Eastern Pacific Circuits Holding Limited and reorganized them under the Merix Asia name. These transactions broadened the company's manufacturing footprint and supported its effort to serve customers across North America and Asia. The business experienced significant financial pressure in the early 2000s. It reported a loss of $9.6 million on revenue of $87 million in 2002 and a loss of $30 million on revenue of $95 million in 2003. Merix returned to profitability in fiscal 2004, although the reported profit was only $20,000 on revenue of $156 million. For fiscal 2006, the company reported revenue of $309 million and profit of $1.4 million. Its recovery was not sustained, however, and the company later undertook restructuring, facility closures, and workforce reductions. In 1997, Portland's Office of Sustainable Development recognized Merix with a BEST Award for water conservation, reflecting an environmental initiative at its Oregon operations. The company also encountered governance pressure: in February 2007, Nasdaq warned Merix that it did not have the full three-member independent audit committee required under listing rules. Operational difficulties intensified during the late 2000s. In January 2008, Merix announced the closure of its Wood Village, Oregon, factory, a site opened in 2004, and disclosed a restructuring-related reduction of 180 jobs across the company. A further 230 positions were eliminated in early 2009. During the same period, Merix reported an $8.4 million loss on nearly $60 million in revenue for the quarter ending in May 2009. In response, the company placed greater emphasis on military and aerospace customers and added business involving companies such as Rockwell Collins. Merix announced in October 2009 that it would merge with Viasystems, with the combined company headquartered in St. Louis, Missouri. The transaction was completed in February 2010, ending Merix's existence as an independent company. Viasystems was subsequently acquired by TTM Technologies in May 2015 in a transaction valued at $368 million. Merix's operations and legacy therefore became part of the TTM Technologies printed-circuit-board manufacturing group.
History
Merix Corporation originated in 1994 as a spin-off from Tektronix, Inc. in Oregon's Silicon Forest. The newly independent printed-circuit-board manufacturer employed about 700 people, and Tektronix retained a 27 percent ownership position. Merix served the industrial electronics supply chain, making multilayer rigid printed circuit boards for automotive, communications, computer, test-equipment, and other electronic applications. The company encountered serious financial difficulty in its early years. In 2002, it recorded a $9.6 million loss on $87 million in revenue. The following year, losses widened to $30 million on revenue of $95 million. Merix returned to nominal profitability in fiscal 2004, reporting approximately $20,000 in earnings on $156 million in revenue. That year it also opened a manufacturing plant in Wood Village, Oregon. In 1997, before this period of financial pressure, Portland's Office of Sustainable Development recognized the company with a BEST Award for water conservation. Merix pursued acquisitions to increase its geographic reach. In December 2004, it bought Data Circuit Systems and renamed the unit Merix San Jose. On September 29, 2005, it purchased the operations of Eastern Pacific Circuits Holding Limited and reorganized them as Merix Asia. By fiscal 2006, revenue had reached $309 million and profit was $1.4 million. Despite this improvement, the company remained exposed to cyclical demand, manufacturing competition, and the cost pressures affecting printed-circuit-board suppliers. Governance became an additional issue in February 2007, when Nasdaq warned Merix that it lacked the full three-member independent audit committee required under Nasdaq listing rules. Mike Burger had served as chief executive officer since 2007. During 2008, the company began a major restructuring and announced the closure of its Wood Village facility, eliminating 180 positions across the company. In early 2009, it cut another 230 jobs. For the quarter ending in May 2009, Merix reported an $8.4 million loss on nearly $60 million in revenue. Against this difficult background, Merix sought to strengthen its position in higher-value sectors. In 2009 it expanded its military and aerospace customer base and added contracts involving companies such as Rockwell Collins. The strategy was intended to provide access to more specialized electronics programs while the company dealt with weakness in other end markets. In October 2009, Merix announced that it would merge with Viasystems. The transaction was completed in February 2010, with the combined business headquartered in St. Louis, Missouri. Merix consequently ceased operating as an independent public company. Viasystems was later acquired by TTM Technologies in May 2015 for a reported $368 million. Merix's former operations are therefore part of TTM Technologies' broader printed-circuit-board manufacturing organization.
- 2015
Viasystems becomes part of TTM Technologies
[1]TTM Technologies acquired Viasystems, bringing the legacy Merix business into the TTM group.
- 2010
Merger with Viasystems completed
[1]The merger with Viasystems was completed in February, ending Merix's status as an independent company.
- 2009
Military and aerospace expansion
[1]Merix expanded its military and aerospace customer base, including business involving Rockwell Collins.
- 2008
Wood Village closure
[1]Merix announced the closure of its Wood Village, Oregon, factory as part of a restructuring that included approximately 180 job cuts.
- 2007
Nasdaq audit-committee warning
[1]Nasdaq warned Merix about noncompliance with the required composition of its independent audit committee.
- 2005
Expansion into Asia
[1]The company acquired Eastern Pacific Circuits Holding Limited's operations and renamed them Merix Asia.
- 2004
Acquisition of Data Circuit Systems
[1]Merix purchased Data Circuit Systems and renamed the business Merix San Jose.
- 1997
BEST Award for water conservation
[1]Portland's Office of Sustainable Development recognized Merix's water-conservation work with a BEST Award.
- 1994
Spin-off from Tektronix
[1]Merix was established as a printed-circuit-board manufacturer spun off from Tektronix in Oregon, initially employing approximately 700 people.
Products and positioning
An industrial printed-circuit-board manufacturer serving original equipment manufacturers and electronics-system suppliers, with capabilities spanning automotive, communications, computing, test equipment, military, and aerospace applications.
Printed circuit boards
Multilayer rigid printed circuit boards
Merix's core offering was the manufacture of multilayer rigid printed circuit boards for integration into electronic equipment. These boards served as structural and electrical platforms in systems produced by customers in automotive, communications, computing, testing, military, and aerospace markets. The company operated as a business-to-business component supplier rather than selling finished electronics under a consumer retail brand.
Printed-circuit-board manufacturing operation · 2004
Merix San Jose
Merix San Jose was the name assigned to the Data Circuit Systems operation after Merix acquired it in December 2004. The unit extended the company's manufacturing and customer-service presence in California and formed part of its North American production network.
Printed-circuit-board manufacturing operation · 2005
Merix Asia
Merix Asia was the name given to the operations acquired from Eastern Pacific Circuits Holding Limited in 2005. It represented Merix's Asian manufacturing platform and supported production for customers requiring an international printed-circuit-board supply chain.
Brand decisions
2009
Shift toward military and aerospace customersStrategyBackground
Merix was experiencing weak results and sought business in markets with more specialized electronics requirements.
Action taken
The company expanded its military and aerospace customer base, including contracts involving Rockwell Collins.
Aftermath
The strategy preceded Merix's announcement of a merger with Viasystems later in 2009.
2009
Agreement to merge with ViasystemsM&ABackground
Merix faced operating losses, restructuring demands, and competitive pressure in the printed-circuit-board industry.
Action taken
Merix announced a merger with Viasystems, with the planned combined headquarters in St. Louis, Missouri.
Aftermath
The merger closed in February 2010 and ended Merix's independent corporate identity.
2008
Restructuring and Oregon plant closureStrategyBackground
Merix faced continuing losses and pressure on its printed-circuit-board operations after a difficult recovery from the early-2000s downturn.
Action taken
The company announced the closure of its Wood Village, Oregon, factory and reduced its workforce by approximately 180 positions.
Aftermath
Further reductions followed in early 2009, when approximately 230 additional jobs were eliminated.
Sources1 sources
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