From the Wires
Flextronics Acquires Saturn Electronics & Engineering
Expands Service Offering in Automotive Energy Management and Vehicle Electronics
By: PR Newswire
Dec. 3, 2012 04:01 PM
DETROIT, Dec. 3, 2012 /PRNewswire/ -- 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, consumer, energy and industrial markets. Based in Rochester Hills, Michigan, Saturn Electronics & Engineering most recently reported more than $300 million in annual revenue. Additional terms of the deal were not disclosed.
"Flextronics is pleased to announce that it has acquired Saturn Electronics & Engineering, a company that is renowned for manufacturing excellence and unmatched quality as a supplier of electronics, wiring and high-precision engineered solenoid solutions," 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." Obey added, "We are thrilled to join forces with the Saturn Electronics & Engineering team and look forward to increasing the world-class products and services we provide our automotive and electronics customers."
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 has the most comprehensive end-to-end electronics manufacturing services capabilities serving the automotive industry today. The acquisition of Saturn further expands our services offering with expertise that addresses the key technology trends in automobile electronics," Obey concluded.
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