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GROUP TECHNOLOGIES TO ACQUIRE TAMPA-BASED PHILIPS CIRCUIT ASSEMBLIES

 TAMPA, Fla., June 29 /PRNewswire/ -- Group Technologies Corp. announced today that it has entered into an agreement with Philips Electronics North America to purchase Philips Circuit Assemblies, a leading electronic contract manufacturer. Philips Circuit Assemblies, based in Tampa, employs approximately 750 people and will have sales in 1993 in excess of $90 million. The acquisition, scheduled to be completed by July 30, 1993, will make Group Technologies the fifth largest contract manufacturer globally with combined annual sales of over $250 million.
 The move is the second major acquisition for Tampa-based Group Technologies in the last year as part of a major defense conversion strategy. In October 1992, Group Technologies acquired Metrum Inc. of Denver, a $60 million electronics company with expertise in instrumentation and storage products.
 "Philips Circuit Assemblies has over 25 years experience in contract manufacturing for the computer, industrial, communications and consumer products markets," says Carl McCormick, president and chief executive officer of Group Technologies Corp. "This acquisition will augment our commercial electronic contract manufacturing base and allow Group Technologies to exceed the quarter billion-dollar sales mark."
 Formed in 1989 as a spin-off from Honeywell, Group Technologies has grown through acquisitions as well as internal growth and market diversification. In the last three years the company has reduced its traditional military business from 95 percent of total revenue to 35 percent.
 Group Technologies' contract manufacturing service specializes in design, test and materials management. The company provides surface mount assembly, through-hole printed circuit board (PCB) assembly, and systems assembly.
 The company manufactures products to numerous high reliability standards, including military, medical, space and avionics standards. Group Technologies is fully compliant with MIL-Q-9858A, MIL-STD 2000 and ISO 9001.
 Group Technologies Corp. employs 850 people at its 308,00- square- foot building at 10901 Malcolm McKinley Dr., Tampa, FL 33612. Its Denver-based Metrum Inc. subsidiary employs 300 people at its 100,000-square-foot facility in Denver.
 -0- 6/29/93
 /CONTACT: Jack Calderon of Group Technologies, 813-972-6328; or Mike Peak of Peak Public Relations, 408-446-0407, for Group Technologies/


CO: Group Technologies Corp.; Philips Circuit Assemblies; Metrum Inc. ST: Florida, Colorado IN: CPR SU: TNM

TB-TM -- SJ006 -- 6744 06/29/93 13:41 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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