British electronics group Laird (LRD.L), which has rejected a takeover offer from larger U.S. rival Cooper Industries (CBE.N), said it would close down one of its businesses after a series of poor results. Laird, which makes parts for mobile phones and laptops, said it would exit its handset antennae business, after the division had suffered a fall in revenue. Despite restructuring, Laird said the business ran only at breakeven during the first quarter and sales continued to fall, as demand fell from its major customer. In 2010, this customer accounted for 70 percent of the business' revenues, Laird said.
Cooper Industries plc (Cooper) is engaged in the manufacturing, marketing and selling of electrical products and providing services worldwide. Shares of CBE remained unchanged at $59.62. In the past year, the shares have traded as low as $41.01 and as high as $70.00. On average, 1009210 shares of CBE exchange hands on a given day and today's volume is recorded at 0.
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