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Smtc Corp (SMTX) – Acquisition Activity
TORONTO, Sept. 28, 2012 (GLOBE NEWSWIRE) — SMTC Corporation (Nasdaq:SMTX) (“SMTC”), a global electronics manufacturing services provider, announced the signing today of an agreement to acquire the manufacturing assets of Seksun Array Electronics (Suzhou) Co. Ltd.’s (“Seksun”) in Suzhou, China. The acquisition is expected to close in Q4, 2012. This acquisition will further expand SMTC’s operations and capabilities in China, strengthen its global footprint, and support the growth of new business in the region.
Seksun provides printed circuit board assembly and full “box build” systems integration focused on low volume, high mix business for the industrial, commercial and medical sectors. SMTC expects the acquisition to be immediately accretive.
“This transaction will support SMTC’s strategy to grow and diversify its revenue base via accretive acquisitions, and is consistent with our strategic plan to quickly capitalize on market opportunities”, said Alex Walker, Co-CEO at SMTC.
“This acquisition will further strengthen SMTC’s global presence. This will allow us to provide additional manufacturing capabilities in China for our North American and European customers that demand world class quality and competitively priced solutions” said Claude Germain, Co-CEO at SMTC. “The Seksun team will bring extensive supply chain, engineering and general management depth to SMTC which will complement our current capabilities in China.”
This acquisition will also complement SMTC’s Asia procurement office and fulfillment warehouse, both located in Hong Kong, which allow both current and new customers to benefit from SMTC’s strong global supply chain capabilities and localized purchasing power.
2012-09-29 16:24:02
Source: http://geoinvesting.com/companies/smtx_smtc_corp/research/acquisition_activity/0039946
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