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PC board maker Multek to acquire flex circuit supplier

Posted: 19 Aug 2004 ?? ?Print Version ?Bookmark and Share

Keywords:sheldahl? flexible interconnect? electronic materials?

Multek, a PC board supplier and wholly-owned subsidiary of manufacturing services company Flextronics, has agreed to acquire Sheldahl, a supplier of flexible interconnect products and electronic materials, in a stock-for stock merger.

Sheldahl manufactures advanced laminates, high-performance tapes, flexible printed circuits and printed circuit materials for the automotive and data communication markets. The company's extensive IP portfolio includes its patented Novaclad process used to manufacture advanced adhesiveless laminates for fine geometry circuitry.

Presently, Sheldahl employs 450 people and has over 300,000 square feet of manufacturing space in its Northfield headquarters, the Philippines, and Mexico.

Multek, which specializes in rigid PC boards, expects the acquisition to broaden its product portfolio and give customers a one-stop source for pc board and flexible substrates. The company had undergone restructuring over a year ago as slack demand and shipments of PC boards caused Multek to bleed money and test the patience of Flextronics' management.

Shedahl has attracted interest from other companies in the past, most notably Molex, who unsuccessfully bid for Shedahl four years ago.

The acquisition, slated to close by the month's end, 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 1 cent, including the incremental shares issued for the merger.

- Spencer Chin

EE Times

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