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PCB | August 17, 2004

Multek to acquire Sheldahl

Multek, a wholly-owned subsidiary of Flextronics, and Sheldahl, a provider of flexible interconnect products and electronic materials, have entered into an agreement whereby Multek will acquire Sheldahl in a stock-for stock merger.
Sheldahl employs approximately 450 people and has over 300,000 square feet of manufacturing space in Northfield, Minnesota, the Philippines, and Mexico. By combining Multek's rigid printed circuit board capabilities with Sheldahl's flexible circuit capabilities, a much wider and complete product portfolio can be offered to customers of both companies, including Flextronics.

"We look forward to joining the talented Multek team and extending its key products and technologies to Sheldahl customers," said Benoit Pouliquen, President and CEO of Sheldahl. He added, "This acquisition will strengthen our position as an industry leader in flexible interconnect and materials technologies and provide access to Multek's key resources and geographies, such as China."

"We are thrilled to add flexible circuit boards to our overall product portfolio," said Werner Widmann, President of Multek. "Our customers require products and solutions that are increasingly more complex with dense features, and at a very competitive price structure. With the acquisition of Sheldahl, we are better positioned to fulfill this need as there are many synergies between the

two companies. Today's announcement will also enhance our ability to provide a complete interconnect offering that enables us to develop new products and to serve new and existing markets, such as automotive, cell phones, antennas, RFID tags, smart cards, personal communication devices, printers and many others," Widmann added.

This acquisition is expected to increase Flextronics' annual revenues by approximately $80 million. Excluding synergies and amortization, it is expected to increase Flextronics' annual earnings per diluted share by at least $0.01, including the incremental shares issued for the merger.
The acquisition is expected to close at the end of August and is subject to customary conditions and regulatory approvals.

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