Sale of Rakon’s Chinese factory better than liquidation

Thu, 22 Aug 2013

By Pam Graham Aug. 22 (BusinessDesk) - Rakon, a maker of crystal oscillators used in smart phones and navigation systems, will liquidate its two-year-old Chinese factory if a plan to sell it does not go through. Shenzhen Stock Exchange-listed ZheJiang East Crystal Electronic Co is buying 80 percent of Rakon Crystal (Chengdu) Co (RCC) for $US18.8 million. Rakon, which will retain a 5.4 percent holding in a venture with the buyer through several layers of holding companies, is taking a $32 million impairment on the deal but will use the proc...

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