Jabil Explained

Jabil Inc.
Type:Public
Founded: in Detroit, Michigan, U.S.
Hq Location:St. Petersburg, Florida, U.S.
Locations:30 countries[1]
Area Served:Worldwide
Key People:Mark Mondello (Chairman)
Mike Dastoor (CEO)
Gregory Hebard (CFO)
Industry:Electronics Manufacturing Services[2]
Operating Income: US$1.54 billion (2023)
Net Income: US$818 million (2023)
Assets: US$19.4 billion (2023)
Equity: US$2.87 billion (2023)
Num Employees:236,000 (2023)[3]
Footnotes:[4]

Jabil Inc. is an American multinational manufacturing company involved in the design, engineering, and manufacturing of electronic circuit board assemblies and systems, along with supply chain services, primarily serving original equipment manufacturers.[5] It is headquartered in the Gateway area of St. Petersburg, Florida. It is one of the largest companies in the Tampa Bay area.[6] [7]

History

Founded in 1966 in the Detroit area, Jabil initially focused on circuit board assembly production and repair for Control Data Systems.[8] The company name, Jabil, derives from the combination of the first names of its founders, James Golden and Bill Morean.[8] After Golden exited the business, Bill Morean's son, William, joined the company and gradually began to shape its direction by signing new contracts, including an offer to purchase a majority stake in the company.[8]

In 1979, Jabil established a high-volume manufacturing partnership with General Motors (GM), moving towards automated manufacturing and advanced assembly technology.[8]

In 1981, Jabil introduced independent test engineering and development services.[8] A year later, the company started volume production of circuit boards with manual surface-mount technology (SMT) processes.[8] By 1984, Jabil had implemented computer-aided design services for production.[8] A year later, the company transitioned to highly automated volume production using SMT processes.[8] Towards the end of the 1980s, Jabil adopted the automated tape-automated bonding (TAB) process for circuit board production.[8] [9]

In 1982, Jabil moved its headquarters from Detroit to St. Petersburg, Florida.[8]

In April 1993, Jabil became a publicly traded company, listing its shares on the New York Stock Exchange.[10] [11]

In 1997, Jabil expanded its manufacturing capacity and workforce, completing a new 120,000-square-foot building in St. Petersburg.[8]

In 2001, Jabil was added to the S&P 500 Index.[12]

In 2013, William D. Morean retired and was succeeded by Timothy Main as board chairman.[13] [14] Later, William E. Peters was named president and Mark Mondello was appointed CEO.[14]

In 2014, Jabil was moved from the S&P 500 Index to the S&P MidCap 400 Index.[15]

In 2017, Jabil announced that it would be closing its first European international plant in Livingston, United Kingdom, by the end of the year. Two hundred sixty-six employees in Livingston would lose their jobs.[16] Jabil laid off approximately 400 people in September 2016, 100 of those being corporate employees located in St. Petersburg Florida.[17] In March 2024, the company announced it would lay off 120 workers in Vancouver, Washington.[18]

In January 2023, it was reported that Jabil had started manufacturing components for AirPods in India.[19] In December 2023, Jabil rejoined the S&P 500 index.[20] [21]

On 19 April 2024, Jabil announced that CEO Kenny Wilson would take paid leave pending an investigation related to company policies, although not affecting the company's financial statements or reporting. Following Wilson's leave, which began on April 15, CFO Michael Dastoor was appointed as interim CEO by the board of directors.[22] Following the completion of the investigation, Wilson resigned from the company and Dastoor was named CEO.[23]

Acquisitions and mergers

Jabil has acquired numerous companies and arms of companies. Their acquisitions have expanded their presence in countries such as China, Mexico, India, Spain, the Netherlands and Russia.[4] [24]

In 1999, Jabil began its operations in China by acquiring GET Manufacturing.[25] [26] [27]

In 2001, Jabil expanded its manufacturing capability and acquired Intel's manufacturing facility in Malaysia.[28] A year later, the company acquired a factory of Lucent Technologies in Shanghai.[29] [30] In 2002, the company also acquired contract manufacturing services of Philips.[31] [32] [33]

In 2005, Jabil acquired Varian's electronics manufacturing business for $195 million.[34] [35] [36] A year later, Jabil expanded its operations to Taiwan and acquired Green Point for $881 million through its subsidiary Jabil Circuit Taiwan.[37] [38]

In 2011, Jabil acquired Telmar Network, a communication network service provider based in Texas.[39] [40]

In February 2013, Jabil acquired Nypro for $665 million in cash.[41] The purchase was completed in July 2013.[42] [43]

In 2015, Jabil acquired Shemer Group, an Israeli metal fabrication company specializing in contract manufacturing for high-tech capital equipment manufacturers.[44] [45] In the same year, the company acquired Plasticos Castella, a Spain-based food and consumer packaging manufacturer.[46]

In 2018, Jabil acquired the medical devices business of Johnson & Johnson.[47] [48]

In 2021, Jabil acquired Ecologic Brands.[49]

In August 2023, Jabil sold its mobility business in China to BYD.[49] In November 2023, Jabil acquired the Silicon Photonics business of Intel.[50] [51]

In November 2023, Jabil acquired ProcureAbility.[52]

Notes and References

  1. Web site: Jabil Locations. Jabil. 20 November 2020. 10 July 2022. https://web.archive.org/web/20220710171059/https://www.jabil.com/contact/locations.html. dead.
  2. Web site: Yahoo Finance . Jabil Yahoo! Finance information . 25 June 2012.
  3. Web site: Jabil 2023 10K Annual Report . 20 October 2023 . U.S. Securities and Exchange Commission.
  4. Web site: hoovers.com . Jabil Circuit, Inc. History . 25 June 2012.
  5. https://www.fastcompany.com/3045936/jabil-circuit
  6. Web site: In Slower Economy, More Cautious Jail Circuit Still Expects Third Record Year . 25 June 2012 . https://web.archive.org/web/20120624214602/http://www.tampabay.com/blogs/venturebiz/content/slower-economy-more-cautious-jabil-circuit-still-expects-third-record-year . 2012-06-24 . dead .
  7. Web site: Jabil, Fortune 500. Fortune. 21 November 2018.
  8. Web site: Jabil Circuit, Inc . Cengage.
  9. News: Labouring in obscurity: electronics manufacturing . The Economist . September 17, 1994 .
  10. News: Equity Issues This Week . . April 26, 1993 . 25 June 2012.
  11. Web site: Investor FAQ . 25 June 2012 . https://web.archive.org/web/20120615101956/http://jbl.client.shareholder.com/faq.cfm . 2012-06-15 . dead .
  12. Web site: Salveggi . Anthony . Jabil Flexes Its Muscles Amidst. Tampa Bay Business Journal . 9 May 2005. 27 August 2012.
  13. News: William D. Morean To Retire From Jabil . Tampa Bay Business Journal. 18 October 2012. 1 March 2013.
  14. News: Manning . Margie . Jabil Shakes Up Executive Ranks . Tampa Bay Business Journal. 31 January 2013. 1 March 2013.
  15. Web site: Jabil Circuit Is Moving From S&P 500 to S&P Midcap 400. Tampa Bay Times.
  16. Web site: Level 3 Jobs threatened at Jabil electronics plant in Livingston . 2017-04-04 . https://web.archive.org/web/20170404220439/http://globalsmtuk.net/industry_news/jobs-threatened-at-jabil-electronics-plant-in-livingston/ . 2017-04-04 . dead .
  17. Web site: Jabil Circuit laying off 400 workers, including nearly 100 in St. Petersburg . Tampa Bay Times . 9 September 2015. 4 April 2017.
  18. News: Rogoway . Mike . Electronics manufacturer Jabil will lay off 120 in Vancouver . www.msn.com . The Oregonian . 2024-03-04.
  19. Web site: Apple's India supplier Jabil making AirPods parts for export-Bloomberg . . 2024-04-05.
  20. News: Uber, Jabil and Builders FirstSource Set to Join S&P 500. Bloomberg . December 1, 2023. www.bloomberg.com.
  21. News: Glickman . Ben . Uber, Jabil, Builders FirstSource to Join S&P 500 . 2024-04-05 . WSJ . en-US.
  22. Web site: 2024-04-18 . Jabil's stock declines as CEO Kenny Wilson goes on paid leave pending an investigation . 2024-04-19 . Morningstar, Inc. . en.
  23. Web site: Gerut . Amanda . May 24, 2024 . CEO at $14 billion electronics firm can't talk about his resignation following an internal investigation . 2024-05-26 . Fortune . en.
  24. Web site: Jabil Global Services Netherlands B.V.. 27 August 2012. 21 March 2014. https://web.archive.org/web/20140321194255/http://company.info/org/341913790000/Jabil_Global_Services_Netherlands_B.V._SCHIPHOL-RIJK/nieuws_jaarverslag_cijfers_management_uittreksel_markt. dead.
  25. Web site: 1999-09-13 . Jabil Circuit moves into China with acquisition of GET Manufacturing . 2024-06-04 . EE Times.
  26. News: 1999-08-06 . Jabil Circuit in $250 Million Deal for Get Manufacturing . 2024-04-19 . The New York Times . en-US . 0362-4331.
  27. Web site: Jabil buys into Chinese market. Tampa Bay Times.
  28. Web site: 2001-09-20 . Intel sells plant as part of outsourcing deal with Jabil . 2024-04-19 . EE Times.
  29. Web site: 2002-05-23 . Jabil Circuit to acquire Lucent factory in Shanghai . 2024-06-04 . EE Times.
  30. Web site: Jabil buys Lucent's Shanghai assets . 2024-04-19 . www.bizjournals.com.
  31. Web site: Jabil buys most of Philips unit. Tampa Bay Times.
  32. Web site: Jabil to Buy Contract Business From Philips for $231.1 Million . Wall Street Journal . August 28, 2002 . August 5, 2024.
  33. Web site: Jabil buys Philips consumer electronics division . 2024-04-19 . www.bizjournals.com.
  34. Web site: 2005-02-07 . Jabil to acquire EMS business of Varian . 2024-06-04 . EE Times.
  35. Web site: Varian Deal Is 'Positive' For Jabil Circuit. Forbes.
  36. Web site: Jabil Circuit to Buy Varian Unit - WSJ.
  37. https://www.reuters.com/article/idUSTP160462/
  38. Web site: Jabil takes control of the Green Point Enterprises board - Taipei Times. March 10, 2007. Taipei Times.
  39. Web site: Jabil buys $145 million firm. August 25, 2011. Business Observer.
  40. Web site: Jabil enhances expertise in reverse logistics and repair services with acquisition of Telmar Network Technology. John. Keller. December 4, 2011. Military Aerospace.
  41. News: Savitz . Eric . Jabil Circuit To Buy Nypro For $665 million In Cash . Forbes. 4 February 2013 . 12 August 2013 .
  42. News: Cashill . Margaret . Jabil Circuit Completes Nypro Deal . Tampa Bay Business Journal. 1 July 2013 . 12 August 2013 .
  43. Web site: Nypro Moves into Smart Packaging, Extending Reach into Europe and Food & Beverage Markets. 28 September 2015. 28 October 2015. https://web.archive.org/web/20151004005210/http://jbl.client.shareholder.com/releasedetail.cfm?ReleaseID=933463. 2015-10-04. dead.
  44. Web site: Circuits Assembly Online Magazine - Jabil Acquires Israeli Metal Fab Company. circuitsassembly.com.
  45. News: Jabil opens Israel optics innovation center. May 23, 2018. Globes.
  46. Web site: Nypro expands smart packaging capabilities with Plasticos Castella acquisition. September 30, 2015.
  47. Web site: Circuits Assembly Online Magazine - Jabil Signs $1B Deal to Acquire Johnson & Johnson Medical Sites. www.circuitsassembly.com.
  48. Web site: Johnson & Johnson turning over Monument operation to Jabil. Wayne. Heilman. November 5, 2018. Colorado Springs Gazette.
  49. Web site: BYD unit buys US firm Jabil's China mobility business for $2.2 billion . August 28, 2023. CNN.
  50. Web site: Jabil to Acquire Intel's Silicon Photonics Business. Anton Shilov. October 31, 2023. Tom's Hardware.
  51. Web site: Intel Offloads Silicon Photonics Product Line To Jabil | CRN. Joseph F.. Kovar. www.crn.com.
  52. Web site: November 1, 2023 . ProcureAbility now backed by Jabil Inc. .

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