DOCSLIB.ORG

The Electronic Manufacturing Service (EMS) Industry in 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Electronic Manufacturing Service (EMS) Industry in 2014 The Electronic Manufacturing Service Ericsson, routers for Cisco, and printers for HP. Cal- 1 (EMS) Industry in 2014 Comp Electronics (based in Thailand) produces components for HP printers and other products. Celestica (based in Canada, where it was spun off by IBM in 1994), meanwhile, produces sub-assemblies for Cisco’s internet and intranet devices, as well as products for customers such as HP, IBM, and NEC (until 2012, Celestica also was one of the producers of the Blackberry smartphone, for which Foxconn is now taking the lead in design and assembly). Each of these EMS providers has plants around the world, well beyond their home countries. EMS are similar to ODMs (Original Design Manufacturers), with a key difference that EMS providers traditionally did not take ownership of intellectual property, while ODM firms (many of EMS services at Celestica solar panel lab (Canada) which – such as Pegatron, Compal, Wistron, and Photo: Adrian Wyld/Canadian Press Quanta – originated in Taiwan) often retain at least partial IP ownership of the products they design for an OEM. Hence, ODMs historically were stronger at product design capabilities than most EMS providers. However, the line between the two types of service organizations is rapidly blurring and the same companies can act as both ODM and EMS providers. Pegatron, for instance, is one of the EMS producers of the iPhone, while Foxconn has taken on ODM- type responsibility for Blackberry. The boundaries of the EMS market are dynamic, so that measuring market size is ambiguous. However, an estimate by the “Research and Markets” industry analysts is that total electronics assembly exceeded $1 trillion in 2013 and will grow to about $1.5 trillion iPhone assembly at a Foxxcon facility in China in 2017. Within total electronics assembly, the Photo: HighlightPress analysts estimated the EMS market exceeded $400 in Electronic manufacturing services (EMS) firms 2013 with sales expected to top $600 billion in 2017. design, test, produce, distribute, and provide return/repair services for electronic components and SCI is often viewed as the first successful EMS assemblies for original equipment manufacturers provider. SCI was founded in 1961 (as Space Craft (OEMs). EMS is also referred to as electronic Inc.) in Alabama and grew into a billion-dollar contract manufacturing (ECM). In providing services, business by constructing aerospace components of EMS firms function as value chain partners with their customers such as Boeing, Sperry, IBM, end-product customers and, increasingly, are taking Commodore, Thiokol, and Northrop (SCI was on sophisticated roles as value chain integrators. acquired by Sanmina in 2001). EMS firms produce many well-known products. For The EMS industry took off during the late 1970s and example, the industry leader, Foxconn (based in early 1980s, with Solectron (California) becoming Taiwan), may assemble as much as 40% of all the leader as it served IT-sector customers in Silicon consumer electronics products sold, providing Valley (Solectron was acquired by Flextronics in components and assembly for products such as the 2007), while many other firms entering the sector. Apple iPad and iPhone, Amazon.com Kindle, Sony Prior to that time, most electronics manufacturing for Playstation, Microsoft Xbox, HP All-in-One PCs, and large-scale product runs was handled as in-house Nintendo Wii. Flextronics (based in Singapore) assembly by the end-market firms. makes Microsoft's Xbox, as well as cellphones for The EMS strategy offered flexibility and eased human resources issues for smaller companies, while also supporting larger firms’ smaller runs. This 1 Will Mitchell prepared this note from public sources (May 2014). 1 helped clients avoid the cost and risk of obsolescence facilities in lower cost environments in Central of large inventories. Because they serve multiple Europe, Asia, and Latin America but continued to clients, EMS firms typically can respond to spikes in emphasize facilities in high-cost locations in Western demand more effectively than individual clients. Europe, the U.S., and Japan. Many EMS players Their presence also frees their customers’ time and largely focused on printed circuit board fabrication, attention for higher value activities such as new leaving system design, assembly, and value added product design and market management. support to the OEMs. In parallel, EMS emphasized the information processing (computers) and Technological advances have facilitated the growth communications markets, with less interest in smaller of the EMS industry. Surface Mount Technology more specialized markets such as medical devices. (SMT) on printed circuit boards (PCBs) allows rapid assembly of electronic products. During the early During the past fifteen years, the industry has been 1990s, some end product firms initially used SMT transformed as a “new market” strategy has taken advances to reinforce internal component production hold, encompassing three key dimensions: locations, and assembly skills, especially for large volume customers, and skills. EMS firms have shifted much products, and early EMS leaders such as SCI of their production to lower cost geographies struggled as OEMs did not renew contracts. throughout the world. Much of the EMS activity now takes place in Central Europe, China, Southeast Asia, By the mid-1990s, the flexibility and cost advantages India, Mexico, and other emerging market settings. of the EMS model became compelling and OEMs began outsourcing PCB assembly and other assembly The customer base also has expanded substantially. activities in large scale. Some end-product firms spun EMS now embraces a wider range of industries such off assembly operations into specialized EMS firm. consumer electronics, industrial, motor vehicle, In 1996, for instance, IBM Canada created Celestica medical, environmental technology, and as a stand-alone EMS. instrumentation. In turn, the national identity of the customers has expanded from end-market firms The growth of the EMS sector led to active based in traditional developed markets to emerging competition. During the late 1990s and early 2000s market multinationals in the electronics and other many OEMs such as Hewlett-Packard, Motorola, and sectors from China, India, and elsewhere. Emerging Lucent sold their PCB and assembly facilities to market multinationals such as Lenovo, Huawei, ZTE, EMS firms that were vying for market share, Acer, LG, and many other are now important typically along with contracts to purchase goods from customers for EMS services. the acquiring EMS. A wave of consolidation occurred, as leaders bought up plants and smaller In parallel, the skills required of a successful EMS EMS companies. have become more complex, now requiring extensive value chain expertise including component and Consolidation accelerated following the 2001 software design, system assembly, test, delivery and dot.com collapse, as many EMS faced declining logistics, warranty and repair, network services, and demand. Several active acquirers found themselves customer service. Notably, this sophistication is just owning empty EMS factories as their OEM as stronger in emerging market facilities as in customers encountered market challenges and faced remaining facilities in traditional developed markets. declining sales or were acquired. Sophisticated EMS now offer services for conceptual Moreover, EMS firms based in Asia, such as product development, while also providing assistance Flextronics (which was founded in California in with mechanical, electrical, and software design. 1969, pioneered off-shoring of production to Testing services, meanwhile, perform in-circuit, Singapore and China during the 1980s, and moved to functional, environmental, analytical laboratory Singapore in 1990) and Foxconn (part of Hon Hai testing, and agency compliance in different Precision, founded in Taiwan in 1974), became regulatory environments. formidable competitors. Part of their advantage stemmed from access to lower cost work forces. In In 2013, for instance, Celestica, worked with a equal part, though, the emerging leaders actively medical device company in California to create increased the sophistication of the services they electronic sensors that can be attached to the skin in offered as they worked closely with end-market order to monitor how patients take medicine and then customers to manage their value chains. transmit the data to a smartphone. The customer generated the initial idea – which involves a circuit Through the late 1990s and early 2000s, the EMS board that uses small scale computing to replace industry largely took a “traditional market” strategy. mechanical technology – and Celestica then EMS players were beginning to build and lease 2 advanced the design and engineered and tested the have grown to dominate the industry and others such device in its own facilities. as Jabil Circuit (U.S.), Cal-Comp (Thailand), and Benchmark (U.S.) have joined the leaders. The As part of the growth in sophistication, EMS industry will almost certainly be equally dynamic “industrial parks” created in multiple countries by during the coming decade. industry leaders such as Foxconn and Flextronics. The parks provide a critical mass of basic and sophisticate services that generate quality, cost, and timeliness (QCT) advantages for their customers. The EMS industry is commonly divided into tiers based on revenue. One categorization is as follows: Tier 1 (>$10 billion): Industry leaders Foxconn (Taiwan; + $100
Load more

Recommended publications
  • 2020 Annual Report
    Section Header Here 2020 ANNUAL REPORT 2020 2020 Annual Report 2018 PROXY STATEMENT Section Header Here Dear Shareholders For Benchmark, our customers, employees, and suppliers, the past year of 2020 was unlike any other in our history. The company rallied and executed well in an unprecedented operating environment and rapidly adjusted to meet the fluid demand needs of our customers. This required tremendous effort across all functions of our business, especially our front-line design engineers and manufacturing personnel. Through our global COVID -19 Task Force, we made quick decisions and put new protective measures in place, including enhanced cleaning and social distancing protocols, contact tracing, and quarantines as needed. We also implemented thermal imaging temperature checks, mandatory use of masks, and at times performed rapid COVID-19 testing. We also introduced programs to help impacted employees, including those at higher risk and those caring for family members. I want to extend my personal gratitude for the enormous effort and dedication of the entire Benchmark team. Against the background of the global pandemic, we made significant progress throughout the year on our 2020 strategic initiatives: (a) enhancing customer focus, (b) growing our business, (c) driving enterprise efficiencies, and (d) engaging talent. We exited the year with customer satisfaction at an all-time high from our customer-focused initiatives. We also made progress on making it “easier to do business” with Benchmark, along with improvements in deepening our strategic relationships and growing our position with existing accounts. We have improved customer and program retention significantly in the last eighteen months. While we have room to improve customer satisfaction further, I am pleased with the positive trends and the impact this is having on increasing business across our new and FOR BENCHMARK, OUR existing customer base.
    [Show full text]
  • Global Capital, the State, and Chinese Workers: the Foxconn Experience
    MCX38410.1177/0097700 447164412447164Pun and ChanModern China © 2012 SAGE Publications Reprints and permission: sagepub.com/journalsPermissions.nav Articles Modern China 38(4) 383 –410 Global Capital, the State, © 2012 SAGE Publications Reprints and permission: and Chinese Workers: sagepub.com/journalsPermissions.nav DOI: 10.1177/0097700412447164 The Foxconn Experience http://mcx.sagepub.com Pun Ngai1 and Jenny Chan2 Abstract In 2010, a startling 18 young migrant workers attempted suicide at Foxconn Technology Group production facilities in China. This article looks into the development of the Foxconn Corporation to understand the advent of capi- tal expansion and its impact on frontline workers’ lives in China. It also pro- vides an account of how the state facilitates Foxconn’s production expansion as a form of monopoly capital. Foxconn stands out as a new phenomenon of capital expansion because of the incomparable speed and scale of its capital accumulation in all regions of China. This article explores how the workers at Foxconn, the world’s largest electronics manufacturer, have been subjected to work pressure and desperation that might lead to suicides on the one hand but also open up daily and collective resistance on the other hand. Keywords global capital, Chinese state, student workers, rural migrant workers, Foxconn Technology Group When Time magazine nominated workers in China as the runners-up for the 2009 Person of the Year, the editor commented that Chinese workers have brightened the future of humanity by “leading the world to economic 1Hong Kong Polytechnic University, Kowloon, Hong Kong 2Royal Holloway, University of London, Surrey, UK Corresponding Author: Pun Ngai, Department of Applied Social Sciences, Hong Kong Polytechnic University, Kowloon, Hong Kong Email: [email protected] 384 Modern China 38(4) recovery” (Time, Dec.
    [Show full text]
  • Wistron Corporation and Intellectual Ventures Sign License Agreement
    Wistron Corporation and Intellectual Ventures Sign License Agreement TAIPEI, Taiwan and BELLEVUE, Wash. — September 21, 2011 — Wistron Corporation and Intellectual Ventures (IV®) announced today that they entered into a license agreement. The deal provides Wistron with access to IV’s extensive patent portfolio of more than 35,000 IP assets, and also provides them membership in IV’s IP-for-Defense program. Wistron is among the world's largest original design manufacturer (ODM) companies producing information communications technology (ICT) products. As patent infringement claims increase in the technology sector, companies often find themselves in need of defensive strategies. For customers accused of patent infringement by their competitors, IV’s IP-for- Defense program provides them with the ability to obtain patents from IV’s portfolio to support counter- assertion, enabling more efficient negotiations in order to reduce liabilities and achieve favorable licensing terms. “Wistron has a well-established intellectual property policy built on our long-standing practices of fostering integrity, protecting innovations, and mutual respect for intellectual property.” said Michael C.M. Wu, general counsel of Wistron Corporation. “We believe our industry needs to encourage a healthy ecosystem that may facilitate creating, capitalizing on, and protecting intellectual property. The signing of this licensing agreement embodies Wistron’s strong commitment in adhering to its IP policy and continuous striving to strengthen Wistron’s patent portfolio. By entering into a strategic alliance with Intellectual Ventures, Wistron gains an efficient access of patented technologies which can mitigate Wistron’s exposure in future patent risks and further help Wistron to stay competitive in the OEM/ODM business.” “Wistron’s agreement with IV supplements its existing IP strategy to minimize risk and take advantage of IV’s services beyond a basic license agreement,” said Don Merino, senior vice president, global licensing sales at Intellectual Ventures.
    [Show full text]
  • Filed by Celestica Inc. Filed Pursuant to Rule 425 Under the Securities Act
    Filed by Celestica Inc. Filed pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended. Subject Company: Manufacturers’ Services Limited Commission File No.: 001-15883 The following is a Q & A and slide presentation to be given to employees of Manufacturers' Services Limited regarding the proposed merger with Celestica Inc. which was announced on October 15, 2003: 1. Why are we merging with CLS? This transaction will provide the combined company with an enhanced portfolio of capabilities, expanded supply chain leverage and the advantage of an increased global footprint. In addition, CLS’s proven track record, strong balance sheet and reputation as a global leader in the EMS industry makes this attractive for our customers, shareholders and employee’s. 2. Who are they? (See fact sheet) • -Number of employee’s- 38,000 worldwide • -Number of sites- 38 worldwide locations, 17 countries • -Key customers-Dell, Cisco, Alactel, Lucent, EMC, IBM, HP, Avaya, NEC • -Annual ‘02 revenue-8.3 billion in ‘02 • -Headquartered in Toronto Canada 3. Do we have any common customers with them now? Although the majority of Celestica’s customers are not a part of MSL’s customer portfolio, there are some common customers, including HP and IBM. 4. How do our customers feel about this? We are contacting our customers and expect that they will be pleased with the announcement as it expands the depth and breath of our service, capability and geographical offerings. 5. What impact will this announcement have on our suppliers when the deal closes? We expect that the closing of the transaction will enhance our overall buying power and provide more opportunities for our suppliers as we grow.
    [Show full text]
  • The Politics of Global Production: Apple, Foxconn and Chinas New
    New Technology, Work and Employment 28:2 ISSN 0268-1072 The politics of global production: Apple, Foxconn and China’s new working class Jenny Chan, Ngai Pun and Mark Selden Apple’s commercial triumph rests in part on the outsourcing of its consumer electronics production to Asia. Drawing on exten- sive fieldwork at China’s leading exporter—the Taiwanese- owned Foxconn—the power dynamics of the buyer-driven supply chain are analysed in the context of the national ter- rains that mediate or even accentuate global pressures. Power asymmetries assure the dominance of Apple in price setting and the timing of product delivery, resulting in intense pressures and illegal overtime for workers. Responding to the high- pressure production regime, the young generation of Chinese rural migrant workers engages in a crescendo of individual and collective struggles to define their rights and defend their dignity in the face of combined corporate and state power. Keywords: Foxconn, Apple, global supply chains, labour, China, outsourcing, consumer electronics manufacturing, collective actions. Introduction The magnitude of Apple’s commercial success is paralleled by, and based upon, the scale of production in its supply chain factories, the most important of them located in Asia (Apple, 2012a: 7). As the principal manufacturer of products and components for Apple, Taiwanese company Foxconn1 currently employs 1.4 million workers in China alone. Arguably, then, just as Apple has achieved a globally dominant position, described as ‘the world’s most valuable brand’ (Brand Finance Global 500, 2013), so too have the fortunes of Foxconn been entwined with Apple’s success, facilitating Foxconn’s rise to become the world’s largest electronics contractor (Dinges, 2010).
    [Show full text]
  • Compal Electronics, Inc. and Subsidiaries
    1 Stock Code:2324 COMPAL ELECTRONICS, INC. AND SUBSIDIARIES Consolidated Financial Statements With Independent Auditors’ Review Report For the Nine Months Ended September 30, 2019 and 2018 Address: No.581 & 581-1, Ruiguang Rd., Neihu District, Taipei, Taiwan Telephone: (02)8797-8588 2 Table of contents Contents Page 1. Cover Page 1 2. Table of Contents 2 3. Independent Auditors’ Review Report 3 4. Consolidated Balance Sheets 4 5. Consolidated Statements of Comprehensive Income 5 6. Consolidated Statements of Changes in Equity 6 7. Consolidated Statements of Cash Flows 7 8. Notes to the Consolidated Financial Statements (1) Company history 8 (2) Approval date and procedures of the consolidated financial statements 8 (3) New standards, amendments and interpretations adopted 8～11 (4) Summary of significant accounting policies 11～21 (5) Significant accounting assumptions and judgments, and major sources 21 of estimation uncertainty (6) Explanation of significant accounts 21～63 (7) Related-party transactions 63～65 (8) Pledged assets 65 (9) Commitments and contingencies 66 (10) Losses due to major disasters 66 (11) Subsequent events 66 (12) Other 66～67 (13) Other disclosures (a) Information on significant transactions 67, 69～79 (b) Information on investees 68, 80～85 (c) Information on investment in Mainland China 68, 86～88 (14) Segment information 68 3 Independent Auditors’ Review Report To COMPAL ELECTRONICS, INC.: Introduction We have reviewed the accompanying consolidated balance sheets of COMPAL ELECTRONICS, INC. (the “Company”) and its subsidiaries (the “Group”) as of September 30, 2019 and 2018, and the related consolidated statements of comprehensive income for the three months and nine months then ended, as well as the changes in equity and cash flows for the nine months then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
    [Show full text]
  • Taiwan's Top 50 Corporates
    Title Page 1 TAIWAN RATINGS CORP. | TAIWAN'S TOP 50 CORPORATES We provide: A variety of Chinese and English rating credit Our address: https://rrs.taiwanratings.com.tw rating information. Real-time credit rating news. Credit rating results and credit reports on rated corporations and financial institutions. Commentaries and house views on various industrial sectors. Rating definitions and criteria. Rating performance and default information. S&P commentaries on the Greater China region. Multi-media broadcast services. Topics and content from Investor outreach meetings. RRS contains comprehensive research and analysis on both local and international corporations as well as the markets in which they operate. The site has significant reference value for market practitioners and academic institutions who wish to have an insight on the default probability of Taiwanese corporations. (as of June 30, 2015) Chinese English Rating News 3,440 3,406 Rating Reports 2,006 2,145 TRC Local Analysis 462 458 S&P Greater China Region Analysis 76 77 Contact Us Iris Chu; (886) 2 8722-5870; [email protected] TAIWAN RATINGS CORP. | TAIWAN'S TOP 50 CORPORATESJenny Wu (886) 2 872-5873; [email protected] We warmly welcome you to our latest study of Taiwan's top 50 corporates, covering the island's largest corporations by revenue in 2014. Our survey of Taiwan's top corporates includes an assessment of the 14 industry sectors in which these companies operate, to inform our views on which sectors are most vulnerable to the current global (especially for China) economic environment, as well as the rising strength of China's domestic supply chain.
    [Show full text]
  • Compal Electronics, Inc. and Subsidiaries
    1 Stock Code:2324 COMPAL ELECTRONICS, INC. AND SUBSIDIARIES Consolidated Financial Statements With Independent Auditors’ Review Report For the Three Months Ended March 31, 2020 and 2019 Address: No.581 & 581-1, Ruiguang Rd., Neihu District, Taipei, Taiwan Telephone: (02)8797-8588 2 Table of contents Contents Page 1. Cover Page 1 2. Table of Contents 2 3. Independent Auditors’ Review Report 3 4. Consolidated Balance Sheets 4 5. Consolidated Statements of Comprehensive Income 5 6. Consolidated Statements of Changes in Equity 6 7. Consolidated Statements of Cash Flows 7 8. Notes to the Consolidated Financial Statements (1) Company history 8 (2) Approval date and procedures of the consolidated financial 8 statements (3) New standards, amendments and interpretations adopted 8～9 (4) Summary of significant accounting policies 9～16 (5) Significant accounting assumptions and judgments, and major 16～17 sources of estimation uncertainty (6) Explanation of significant accounts 17～56 (7) Related-party transactions 56～58 (8) Pledged assets 59 (9) Commitments and contingencies 59 (10) Losses due to major disasters 59 (11) Subsequent events 59 (12) Other 60 (13) Other disclosures (a) Information on significant transactions 60～61, 62～72 (b) Information on investees 61, 73～78 (c) Information on investment in mainland China 61, 79～81 (d) Major shareholders 61 (14) Segment information 61 3 Independent Auditors’ Review Report To COMPAL ELECTRONICS, INC.: Introduction We have reviewed the accompanying consolidated balance sheets of COMPAL ELECTRONICS, INC. and its subsidiaries (the “Group”) as of March 31, 2020 and 2019, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2020 and 2019, and notes to the consolidated financial statements, including a summary of significant accounting policies.
    [Show full text]
  • Chapter 2 Hon Hai/Foxconn: Which Way Forward ?
    Chapter 2 Hon Hai/Foxconn: which way forward ? Gijsbert van Liemt 1 1. Introduction Hon Hai/Foxconn, the world's leading contract manufacturer, assembles consumer electronics products for well-known brand-names. It is also a supplier of parts and components and has strategic alliances with many other such suppliers. Despite its size (over a million employees; ranked 32 in the Fortune Global 500) and client base (Apple, HP, Sony, Nokia), remarkably little information is publicly available on the company. The company does not seek the limelight, a trait that it shares with many others operating in this industry. Quoted on the Taiwan stock exchange, Hon Hai Precision Industry (HHPI) functions as an ‘anchor company’ for a conglomerate of companies. 2 As the case may be, HHPI is the sole, the majority or a minority shareholder in these companies and has full, partial or no control at all. Many subsidiaries use the trade name Foxconn and that is why this chapter refers to the company as Hon Hai/Foxconn. Among its many subsidiaries and affiliates are Ambit Microsystems, Cybermart, FIH Mobile, Fu Taihua Industrial, Hong Fujin Precision and Premier Image. After a near hundredfold increase in sales in the first decade of this century Hon Hai/Foxconn's sales growth slowed down drastically. The company is facing several challenges: slowing demand growth in its core (electronics) business; a weakening link with Apple, its main customer; rising labour costs and a more assertive labour force in China, its main production location; and pressure from its shareholders. 1. Copyright 2015 Gijsbert van Liemt.
    [Show full text]
  • 2009 Annual Report Cover Final.Indd
    ANNUAL REPORT 2009 Advancing manufacturing technology Message from the Chairman & CEO The magnitude of the world economic challenges became much clearer in 2009 in all major geographies and in all segments of the electronics industry. While volume and revenue levels became even more compressed, the industry’s pain level rose. Despite this troubling business backdrop, iNEMI not only managed to stabilize, but to actually grow our membership; and many of our members began to see slowly improving business conditions starting in the third quarter. The impact and contributions from Asia grew with seven new members, a maturing Asia Steering Committee and several projects initiated from within that region. At the end of the year, we sponsored a Packaging Substrates Workshop in Japan, which generated proposals for six high-impact projects in packaging and miniaturization. We are working to drive these projects to the formation and implementation stages quickly as the new year begins. In Europe we have done a great deal to grow recognition of INEMI as a key contributor on environmental issues in the electronics Nasser Grayeli manufacturing industry, with further value in Europe expected in 2010. The 2009 Roadmap was the focus of many of our activities this year. We not only pushed it out to industry, but also mined its contents to create the iNEMI Technical Plan and Research Priorities, both valuable documents for guiding iNEMI‘s activities and identifying R&D needs. The Technical Plan has been broadened, with 26 projects either active or in development. The environmental challenges facing mankind continue to demand proactive and aggressive responses.
    [Show full text]
  • HP Ecosystem (650) 857-1501
    HP Inc. 1501 Page Mill Road Palo Alto, California HP Ecosystem (650) 857-1501 www.hp.com Outside Relationships Outside Relationships HP Inc. (a Delaware Corporation) Regulators Capital Suppliers Customers Securities Regulation and Customers Suppliers Capital Regulators Debt Structure Equity Structure Stock Exchange Rules Public Debt Bond Financing Subjects of Debt ( $6.18B Outstanding @ March 5, 2021) | Credit Ratings on Senior Unsecured Debt: Moody’s: Baa2; S&P: BBB, Fitch: BBB+ Equity Securities Holders Dividends and Common Regulators Substantive Share Repurchase Program Preferred Stock Common Stock Significant Working Capital Financing Commercial Paper Programs Commercial Loans Notes Stock Repurchases Regulation Commercial Authorized: $15.0B Authorized: 300 Authorized: 9.6B Shareholders Two Commercial Paper Programs for Senior Unsecured Notes Issued Senior Unsecured Notes Issued US Securities Banks $1.0B 364-Day Revolving Credit $4.0B Revolving Credit $725M Uncommitted U.S. Foreign Currency and $6.0B and €6.0B (Aggregate Amount 2010-11: $2.70B at 3.57-6.00% 2020: $2.99B at 2.20-3.40% Expiration: None Issued: None Issued/Outstanding: 1.304B Equity Capital and Exchange Facility (Matures 2021) Facility (Matures 2023) Lines of Credit Dodge & Cox Environmental Interest Rate Derivatives Outstanding May Not Exceed $6.0B) Due 2021-2041 Due 2025-30 Remaining: $12.7B Recordholders: None Recordholders: 56,084 Commission Hedge (11.99%) Protection (Business Counterparties Disclosure and Agency General Business Finance and Vanguard Financial Reporting Human Resources Commercial Legal Corporate Matters Professional Regulation and Regulation Governance Accounting Group, Inc. Requirements; Anti- Board of Directors Customer Support Legal Operations Services Firms Permitting Workforce Business Decision Marketing Supply Chain (10.71%) Bribery Record- Regarding Air & Selected Development and keeping Enrique Lores (Chair) Charles V.
    [Show full text]
  • 2019 Annual Report
    Stock Code：4953 Wistron Information Technology and Services Corp. 2019 Annual Report Taiwan Stock Exchange Market Observation Post System: http://emops.twse.com.tw Wistron ITS annual report is available at http://www.wistronits.com Publication Date May 14, 2020 1. Name, Title and Contact Information for Company’s Spokesperson Spokesperson：Phoebe Chang Title：Vice President Tel：(02)7745-8888 E-mail：[email protected] Acting Spokesperson：Maggie Lee Title：Manager Tel：(02)7745-8888 E-mail：[email protected] 2. Address and Telephone Number of Company’s Registered Office and Headquarters Address：32F., No. 93, Sec. 1, Xintai 5th Rd., Xizhi Dist., New Taipei City 22175, Taiwan, R.O.C. Tel：(02)7745-8888 3. The Address and Contact information of Stock Transfer Agent Name：KGI Securities Address：5F, No.2, Sec.1, Chongqing S. Road, Taipei Website：htto://www.kgi.com.tw Tel：(02)2389-2999 4. The Address and Contact information of Independent Auditors in 2019 Name：Chen, Ya-Ling and Huang, Ming-Hung at KPMG Address：68F, TAIPEI 101 TOWER, No.7, Sec.5, Xinyi Road, Taipei, 110, Taiwan, R.O.C. Website：www.kpmg.com.tw Tel：(02)8101-6666 5. For more information about Wistron GDRs: None 6. For more information about Wistron: http://www.wistronits.com INDEX 1. Letter to Shareholders ........................................................................................................ 1 2. Wistron Information Technology and Services Corp. Introduction ................................... 4 3. Corporate Governance Report 3.1 Organization ................................................................................................................... 7 3.2 Directors, Supervisors and Management Team .............................................................. 11 3.3 Status of Corporate Governance .................................................................................. 21 3.4 Information Regarding the Company’s Independent Auditors ...................................
    [Show full text]