EMS Merger: Flextronics Acquires Saturn Electronics
4 December, 2012
"The acquisition expands our offering with expertise that addresses the key technology trends in automobile electronics"
The global Electronic Manufacturing Services provider, Flextronics (NASDAQ: FLEX) announced today that it has acquired Saturn Electronics & Engineering, Inc., a supplier of electronics manufacturing services, solenoids and wiring for the automotive, appliance, energy and industrial markets. Based in Rochester Hills, Michigan, Saturn recently reported more than $300 million in annual revenue. The terms of the deal were not disclosed.
“Flextronics is pleased to announce that it has acquired Saturn”, said Chris Obey, president of Flextronics Automotive. “Our combined capabilities will provide customers with an expanded range of services in automotive, energy management and vehicle electronics. Flextronics has the most comprehensive end-to-end electronics manufacturing services capabilities serving the automotive industry today. The acquisition of Saturn expands our offering with expertise that addresses the key technology trends in automobile electronics.”
Gary Lawrey, president and chief executive officer of Saturn, said, “Flextronics global presence and stability, along with its commitment to the markets where we operate, make this a perfect fit for the Saturn team. Flextronics’ supply chain expertise, vertical integration capabilities and global scale will provide great benefit to our customers in terms of increased speed to market and lower cost solutions.”
Flextronics net sales for the second quarter ended September 28, 2012 amounted to $6.2 billion. For the third quarter ending December 31, 2012, revenue is expected (according to the company) to be in the range of $5.8 billion to $6.2 billion.