Nypro Parent Reports 11% Profit Jump
Jabil Circuit, the Florida-based manufacturer that bought Nypro Inc. of Clinton earlier this year, reported an 11-percent jump in profits for its most recent quarter, the first full quarter in which Nypro operated under the Jabil banner.
In its first-quarter filing with the U.S. Securities and Exchange Commission, Jabil, of St. Petersburg, Fla., reported net income of just under $118 million, up from $105.8 million in the same quarter last year. The quarter closed Nov. 30.
Quarterly revenue, however, fell slightly, less than 1 percent, from $4.64 billion last year to $4.61 billion.
In July, Jabil acquired Nypro for $665 million.
Jabil also announced Wednesday that it plans to sell its aftermarket services business for $725 million to iQor Holdings, of New York. In a statement, company CEO Mark Mondello said that part of the business no longer fits into Jabil’s plans, since the company wants to focus on diversified manufacturing.
In its annual report in October, the company said it was looking to acquire manufacturing firms in the health care, defense, aerospace and industrial manufacturing sectors. Part of the rationale behind the Nypro acquisition was its presence in the health care market.
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