Telecommunications Businesses News

Miika Reinikka has been selected as the next CEO of Yaskawa Environmental Energy / The Switch to take over the role from Jukka-Pekka Mäkinen, current CEO and founder, from July 1, 2020.Reinikka has worked at The Switch for more than 10 years, and his career has taken him through various director and VP-level positions in telecommunications businesses, one of which was the Finnish stock listed company Tecnomen. He then went on to explore new opportunities and found The Switch, where he began his new professional path as a Key Account Manager for several European customers.

Litton Industries Inc. plans to sell its defense electronics unit and focus on its shipbuilding, information security and telecommunications businesses. The Advanced Electronics unit, which specializes in navigation and electronic warfare, had $1.6 billion in revenues in fiscal 2000, or about 28 percent of Litton's total revenues of $5.6 billion. It has about 9,500 employees. The evaluation, Litton said, indicated that the defense electronics unit would produce more value in the hands of a company focusing on similar areas. Analysts had previously said the defense electronics unit was experiencing cost overruns on some contracts. After the divestiture…

Northrop Grumman Corporation has reported net income from continuing operations of $141 million for the 2002 third quarter, or $1.17 per share, on 115.2 million average diluted shares outstanding, compared with adjusted net income from continuing operations of $140 million, or $1.56 per share, on 86.4 million average diluted shares in the year ago period. These results are adjusted to exclude amortization of goodwill in 2001 in accordance with SFAS No. 142 - Goodwill and Other Intangible Assets. On an economic earnings basis, Northrop Grumman's 2002 third quarter earnings from continuing operations increased to $154 million, or $1.28 per share, compared with $100 million, or $1.09 per share, for the comparable period in 2001.