MINNEAPOLIS (AP) — Computer networking equipment maker Digi International Inc. said Wednesday that recent flooding in Thailand damaged a contract manufacturer it uses near Bangkok.
The company’s shares fell $1.43, or 10.2 percent, to $12.58 in afternoon trading.
Digi said in a statement that on Saturday flooding in the area broke past a levy and “inundated the majority of the operations” of the unnamed manufacturer, leaving it unclear when It can resume working with Digi.
Flooding in and around Thailand’s capital has killed 373 people since July, causing billions of dollars in damage and shutting down Bangkok’s second largest airport. The city’s governor ordered evacuations Wednesday in two swamped northern districts for the first time since the crisis began.
Digi said it has halted all of its Thailand-based operations as it reviews how it to meet existing business requirements by working with other contract manufacturers or using its own manufacturing operation in the U.S. and inventory on hand.
The company said it will have an update on Nov. 3, when it issues its quarterly results.