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Jabil Circuit sells product support business for $725 million to focus on manufacturing

St. Petersburg contract electronics manufacturer Jabil Circuit said it will sell its aftermarket services business for $725 million to a New York company called iQor. The business, which provides technical support, product diagnostics and repair services to customers, will remain headquartered in St. Petersburg under the name iQor Aftermarket Services. Also, iQor will become the exclusive aftermarket service provider for Jabil, which will retain a financial stake in the combined company. Jabil Circuit chief executive Mark Mondello, speaking to analysts Tuesday, said he wanted his company's management focused on manufacturing, not product support services. "What we do for a living is build things," he said. The sale was announced on the same day that Jabil reported first-quarter net income of $117.9 million, up from $105.8 million a year earlier. Revenue fell slightly to $4.61 billion.

Jabil Circuit sells product support business for $725 million to focus on manufacturing 12/17/13 [Last modified: Tuesday, December 17, 2013 7:55pm]
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