TI Sees Japan Plant Back Online by September: CEO
Texas Instruments still expects a company manufacturing facility in Japan to be back into full operation by September or earlier despite the massive earthquake and tsunami that struck the country, Rich Templeton, CEO of TI, told CNBC Wednesday.
“I think we’ll continue to do very well versus the [recovery] forecasts we’ve given,” Templeton said.
The Dallas-based company said last week that it would bring a wafer-manufacturing facility in Miho, Japan back online in stages and foresees returning to full shipment capability in September.
TI also "expects to incur previously unexpected expenses in the first and second quarters for cost of recovery" as well as "some loss of revenue in the first quarter and more lost revenue in the second quarter."
Shares of Texas Instruments traded higher on the New York Stock Exchange on Thursday.
Correction: An earlier version of this story incorrectly stated that CEO Templeton spoke to CNBC about the Japanese earthquake and tsunami affecting company earnings. He spoke instead about how quickly a TI facility there would be back in operation.