6 May 1999: US-based Donnelly Corporation and Schott Corporation of New York, have announced the formation of a new joint-venture operation that will design and manufacture electrochromic windows.
Th…
6 May 1999: US-based Donnelly Corporation and Schott Corporation of New York, have announced the formation of a new joint-venture operation that will design and manufacture electrochromic windows. The new company, Schott Donnelly LLC Smart Glass Solutions, will be a 50/50 joint venture owned by Donnelly and Schott, and will initially be based in Tucson, Arizona. Schott Donnelly LLC Smart Glass Solutions will provide electrochromic glass for automotive and architectural applications. In a recent company statement, Donnelly said that electrochromic glass darkens automatically or through controlled dimming to reduce unwanted solar heat and glare. The results are reduced energy costs, reduced glare and improved comfort for occupants of buildings and vehicles equipped with electrochromic glass. Donnelly currently produces and sells electrochromic mirrors that dim automatically to reduce headlight glare during night-time driving to automotive customers around the world. Schott Corporation is a wholly owned subsidiary of Schott Glas, which is based in Germany and is one of the world“s leading producers of specialty glass products. Meanwhile, Donnelly has announced its third quarter financial results for the 1999 fiscal year. Net sales for the quarter rose by 20.4%, due primarily to strong North American automotive sales and continuing steady sales in the European market. Net earnings for the period grew by 13.3% over the year-earlier period. Net sales for the third quarter were US$ 233 million, which represents an increase of 20.4% over the US$ 194 million in sales reported for the same period last year. As North American sales remained strong, Donnelly said it also benefited from the company“s high dollar content on a number of high volume vehicles such as the Ford Expedition and Chrysler minivan products. Net sales in Europe also increased slightly during the quarter. Donnelly“s net earnings for the third quarter of fiscal 1999 were US$ 3.8 million, or US$ 0.38 per share, which is Donnelly“s highest-ever third-quarter earnings. This represents an increase of 13.3% over net earnings of US$ 3.4 million for the same period last year. The company said North American automotive operations continued to perform strongly, while operations in Europe continued to be mixed. Donnelly“s facilities in Spain, France and Germany sustained the strong performance they have delivered throughout the year, the company said. At the same time, the company“s other German operations and its operations in Ireland remained in a loss position. Year-to-date sales for Donnelly“s 1999 fiscal year are US$ 662 million, a 20% increase over the company“s total sales of US$ 554 million during the first nine months of fiscal 1998. Net earnings for the year-to-date period are US$ 3.3 million, or US$ 0.32 per share, compared to earnings of US$ 9.5 million, or US$ 0.96 per share, for the same period last year. Included in the year-to-date earnings for 1998 was a one-time, pre-tax gain of approximately US$ 4.6 million, or US$ 0.22 per share after tax, from Donnelly“s sale of its 50% interest in Applied Films Corporation of Boulder, Colorado.