Electronics Production | October 02, 2007
Flextronics completes<br>acquisition of Solectron
Flextronics has announced that it has completed its acquisition of Solectron Corporation.
As a result of this acquisition, Flextronics has the broadest worldwide EMS capabilities, from design resources to end-to-end vertically integrated global supply chain services, which enhance its ability to design, build, and ship products for its customers. Operating in 35 countries, with a workforce of approximately 200,000 employees, including approximately 3,500 design engineers, the combined company's annual revenues exceeds US$30 billion across seven well-diversified customer market segments and four major business units. Effective as of the close of trading today, trading in Solectron's common stock will cease. Solectron's common stock will subsequently be delisted from the New York Stock Exchange and deregistered with the U.S. Securities and Exchange Commission. As part of the acquisition agreement, Flextronics has agreed to appoint two individuals designated by Solectron and approved by Flextronics to the board of directors of Flextronics. In connection with the appointment of these two new directors, which is expected to occur in the December 2007 quarter, Michael Marks and Richard Sharp intend to simultaneously retire as directors of Flextronics. Upon Marks's retirement, Ray Bingham will assume the role of Chairman of the Flextronics Board.
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