The quiet period ends September 5, 2000.
PMTR closes it Turtle Mountain acquisition:
biz.yahoo.com
Thursday August 24, 7:10 pm Eastern Time
Press Release
PEMSTAR Completes Acquisition of Turtle Mountain
Expands Geographic Reach and Strengthens Industry Focus
ROCHESTER, Minn.--(BUSINESS WIRE)--Aug. 24, 2000--PEMSTAR Inc. (Nasdaq: PMTR - news), a leading provider of global engineering, manufacturing and fulfillment services to original equipment manufacturers announced today that it completed the previously announced acquisition of Turtle Mountain Corp. of Dunseith, N.D. on Aug. 1, 2000.
The acquisition provides PEMSTAR with access to additional customers in the communications, computer, medical and industrial equipment markets. PEMSTAR also acquires an existing 65,000 square foot manufacturing facility in Dunseith and sales, marketing and administration operations in St. Paul, Minn.
``The acquisition of Turtle Mountain demonstrates our ongoing commitment to aggressively expand our geographic coverage and pursue new customer opportunities in our target industry segments,'' said Allen J. Berning, PEMSTAR's president and chief executive officer. ``Turtle Mountain's engineering focus, customer set and geographic location align with our strategic direction and vision of the future.''
John Miller, Turtle Mountain's president and chief executive officer, said, ``PEMSTAR's demonstrated commitment to quality engineering, manufacturing and fulfillment have made them a leader in the industry. This new relationship is beneficial for our customers and our employees.''
About PEMSTAR
PEMSTAR INC. (www.pemstar.com) provides a comprehensive range of engineering, manufacturing, distribution and aftermarket support services to customers on a global basis through facilities strategically located in the United States, Mexico, Asia and Europe. Our comprehensive service offerings support our customers' needs from product development and design through manufacturing to worldwide distribution and aftermarket support. The Company has over a million square feet in 11 facilities in 9 locations worldwide.
The statements contained in this release which are not historical facts (such as statements in the future tense and statements including ``believe,'' ``expect,'' ``intend,'' ``anticipate'' and similar concepts) are forward-looking statements that involve risks and uncertainties. These risks include the Company's challenges in integrating the acquired operations. Other risks include, but are not limited to, the level of overall growth in the electronics industry, the Company's ability to secure new customers and maintain its and the acquired operation's current customer base, the results of cost reduction efforts, material cost fluctuations and the adequate availability of components and related parts for production, the effect of changes in foreign currency exchange rates and average selling prices, the risk of customer delays or cancellations in both on-going and new programs, the effect of start-up costs of new programs and facilities, the effect of economic conditions, the impact of increased competition and other risks detailed in the Company's Securities and Exchange Commission filings.
------------------------------------------------------------------------
Contact:
PEMSTAR Inc.
Katherine Wood, 408/918-5070
Katherine.wood@pemstar.com |
