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View Diary: Overnight News Digest: "Short Skirt, Long Jacket" Edition (39 comments)

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  •  iKoch (9+ / 0-)

    Daily Beast: Get Ready to Support the Kochs, Liberal Apple Fans

    Molex is a company that falls into this category. Founded in 1938 in Brookfield, Illinois, it started off making molded plastics (Molex) and branched off into making electronics components for appliances, computers, and all sorts of electronic devices. Molex specializes in little-noticed but vital devices like connectors, antennas, and switches. If you have a smartphone, you probably have some Molex products in your pocket. In the fiscal year that ended in July, Molex had sales of $3.6 billion and net income of $243 million. It operates 41 plants in 15 countries.

    Molex has been a beneficiary of the boom in electronics and device manufacturing that has been led in part by Apple. And while Apple is still a relatively small power in the massive global electronics manufacturing business, it’s an extremely important customer for Molex. “Sales to Apple accounted for approximately 14 percent of Molex’s $3.62 billion in revenue for the fiscal year ended June 30,” as The Wall Street Journal reported. In other words, there’s a very good chance some Molex products are in your iPhone, iPad, iPod, iMac, or MacBook.

    On Tuesday Koch Industries announced that it is purchasing Molex for $7.2 billion. It will assume full control of the company. “At the close of the transaction, Molex will become a stand-alone subsidiary of Koch Industries and will continue to be operated by the company’s current management team,” Koch Industries said.

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