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Electronics Production | September 18, 2009

Flextronics with fresh pocket money

Flextronics has completed the sale of its equity investment and note receivable in Aricent. The total cash consideration received by Flextronics amounted to $255 million.

"As we have previously announced, it is our intention to monetize non-core assets and benefit from the cash generated from those dispositions. We are pleased to have successfully executed this transaction, which increases our cash position and further strengthens our balance sheet," said Paul Read, chief financial officer of Flextronics. "During the past year, we have delevered by approximately $1.4 billion, which includes $1.1 billion of debt paydown and the reduction of A/R sales and securitizations by approximately $277 million. These strategic steps have significantly improved our financial flexibility, while maintaining our cash balance over the last year at the approximate level of $1.7 billion."
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