Flextronics Announces Expansion of Medical Disposables Offering; Company to Acquire Slomedical S.R.O.
Published: Oct 21, 2009
SINGAPORE, Oct. 21 /PRNewswire-FirstCall/ -- Flextronics (Nasdaq: FLEX - News) is expanding its medical disposables offering and has signed an agreement to acquire Slomedical S.R.O through a share purchase agreement. Slomedical is a leading European manufacturer of disposable medical devices ranging from tubing sets to complex devices for minimally-invasive surgery. This deal is expected to close before the end of the calendar year, pending required regulatory clearances.
Upon completion, this strategic acquisition will expand Flextronics's overall capability for medical disposables through Slomedical's low cost European location in Slovakia and allow Flextronics to significantly advance its disposables strategy throughout Europe.
"We evaluated many companies to determine the best fit for the acquisition of our organization. Flextronics is the ideal organization based on its ability to augment our current capabilities and its significant market strength in the medical space," said Frank Sodha, managing director, Slomedical. "We have grown to a point that in order to expand and support the growing needs of our customers, we must partner with a larger organization such as Flextronics. We are all very excited and look forward to working with the team."
In addition to today's announced planned acquisition of Slomedical, Flextronics recently completed a major expansion of its Tijuana, Mexico campus which is dedicated to disposable medical device manufacturing. Flextronics's Tijuana campus now includes key vertical integration capabilities of plastic injection molding and plastic extrusion as well as world class clean room assembly operations. With the addition of these capabilities at its Tijuana Medical campus, Flextronics is able to drive value for its customers through lower costs and faster time-to-market.
"The major expansion of our Tijuana, Mexico campus and the imminent acquisition of Slomedical will significantly expand our ability to serve the global disposables medical device market for European and multi-national customers," said Dan Croteau, president, Flextronics Medical. "Upon completion of the deal, we look forward to expanding Slomedical's well established low-cost operations and investing in additional manufacturing capabilities, quality systems and design services to deliver more value, lower costs and faster time-to-market to our customers. On behalf of the Flextronics team, we look forward to working with the Slomedical team to continue to grow our businesses together."
Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, please visit www.flextronics.com.