Printer Friendly

Flextronics International Completes Merger With Kyrel EMS Oyj, A Finland-Based Electronics Manufacturing Services Provider.

SAN JOSE, Calif., July 15 /PRNewswire/ -- Flextronics International Ltd. (Nasdaq: FLEX), a full-service supplier of innovative design, engineering and electronics manufacturing solutions, today announced it has completed the merger with the Finnish contract manufacturer Kyrel EMS Oyj, who has two operations in Finland and one in Luneville, France. Flextronics will issue up to approximately 1.8 million ordinary shares in the merger. Kyrel has offered electronics manufacturing services (EMS) since 1983, and has strong, long-established relationships with key customers in the telecom industry, including Nokia and Alcatel.

"We are very enthusiastic about our partnership with Flextronics," said Simo Parhankangas, managing director of Kyrel EMS Oyj. "It allows us to continue to focus on delivering superior service to our local customers, while adding the global capabilities and advantages of a world-class EMS provider. Partnering with Flextronics is a positive step for us to enhance our best practices in customer service and to strengthen our global competitiveness," Parhankangas said.

"We are pleased to announce the addition of Kyrel to Flextronics' Western European operations," said Ronny Nilsson, president of Flextronics, Western Europe. "The addition of Kyrel, with its experience and key customers in the telecom industry, further strengthens Flextronics' position as a leading EMS provider to telecom customers. This merger, in conjunction with the recent acquisitions of certain ABB and Ericsson operations in Sweden, allows Flextronics to offer present and future customers better service and pricing due to improved experience and increased economies of scale," Nilsson said.

About Flextronics

Flextronics International Ltd., is a global EMS (Electronic Manufacturing Services) provider of a full spectrum of value-added services. Its global Original Equipment Manufacturer customers include leaders in fast-growth communications, computers, medical and consumer markets where innovation, time-to-market, product miniaturization and cost reduction are paramount. For more information, please visit the Flextronics Web site at www.flextronics.com.

About Kyrel

Kyrel EMS Oyj has grown from a one-man company into a leader in its market area in Europe. Kyrel provides Electronics Manufacturing Services from its plants in Finland and France, employing approximately 900 people. Building a reputation for speed, flexibility and reliability in the industry, Kyrel has grown from FIM 27 million in revenue in 1990 to over FIM 1.2 billion in 1998.

This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. These forward-looking statements include statements related to strengthening of the Company's position in Scandinavia and Europe, future sales and operating results, company growth and the company's relationship with Ericsson. These forward-looking statements involve a number of risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. These risks, and other risks, are described in Flextronics' periodic reports filed with the SEC including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Flextronics assumes no obligation to update the information contained in these documents.
COPYRIGHT 1999 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Geographic Code:1USA
Date:Jul 16, 1999
Words:506
Previous Article:US WATS, Inc. Announces Successful Migration to New and Improved Billing System.
Next Article:Pennsylvania State Government Press Releases Now Posted On Pennsylvania Homepage.
Topics:

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters