Pcd | X-ON
PCD Inc. engages in the design, manufacture, and marketing of electronic connectors for use in semi-conductor burn-in, industrial interconnect, and avionics industries. The company markets its products in semiconductor burn-in sockets category, which includes Chip Scale Package, Pin Grid Array Sockets, Ball Grid Array Sockets, and Land Grid Array Sockets. Electronic connectors are used in electronic systems, including data communications, telecommunications, computers and computer peripherals, industrial controls, automotive, avionics, and test and measurement instrumentation. The company's industrial interconnects are targeted at the industrial and process control markets and affiliated markets and applications, such as environmental control systems, food and beverage preparation, motor controls, machine tools, robotics, instrumentation, and test equipment. Its avionics junction modules include junction modules, relay sockets, application-specific avionics connectors. The company distributes its products through its direct sales forces and a worldwide network of manufacturer representatives and authorized distributors. In March 2003, PCD, Inc. entered into definitive agreements to sell the assets of its two business units. PCD agreed to sell its Industrial/Avionics Division, to Amphenol Corporation for $14 million. In the same month, the company agreed to sell its Wells-CTI Division to UMD Technology, Inc. for approximately $2 million. Also, in the same month, the company and its subsidiary, Wells-CTI, Inc., filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.