Tuesday August 8, 4:01 pm Eastern Time
Press Release
SOURCE: ACT Manufacturing, Inc.
ACT Manufacturing, Inc. Announces the Acquisition of GSS
Array Technology Public Company Limited
HUDSON, Mass., Aug. 8 /PRNewswire/ -- ACT Manufacturing, Inc.
(Nasdaq: ACTM - news) announced today that it has completed
the acquisition of GSS Array Technology Public Company
Limited (GSS Array). ACT acquired 99.02% of the issued shares
and outstanding options of GSS Array pursuant to a tender
offer for the purchase price of approximately $86.6 million.
In connection with the acquisition, GSS Array will be
delisted from the Stock Exchange of Thailand. GSS Array is a
leading Thailand based electronics manufacturing service
provider and is listed on the Stock Exchange of Thailand.
As a result of the acquisition, Mr. Robert Zinn, the Chief
Executive Officer of GSS Array, has become Executive Vice
President of European and Asian Pacific Operations and Mr.
Jim Menges, the President of GSS Array, has become Senior
Vice President of Operations for Asia.
Mr. John A. Pino, Chairman, President and Chief Executive
Officer of ACT, said, ``I am extremely enthusiastic about the
acquisition of GSS Array. The acquisition enables us to
establish a significant footprint in the Far East and deliver
on our commitment to achieve our strategic business
development objectives for global expansion. The acquisition
significantly broadens our ability to provide high-quality
electronic manufacturing solutions to customers on a global
scale and provides us with increased opportunities to enhance
our shareholder value.''
``I am very excited about the addition of Messrs. Zinn and
Menges to our management team and look forward to working
with such experienced professionals. Also, the addition of
nearly 3,000 skilled employees and it's 240,000 square feet
of low-cost manufacturing capacity increases our worldwide
employment to over 6,000 and our overall manufacturing
capacity to over 1.5 million square feet, enhancing our
position as a global industry leader,'' added Mr. Pino.
In October 1999, ACT successfully completed an asset
acquisition from GSS Array Technology Inc. of San Jose,
California, a subsidiary of GSS Array.
ACT Manufacturing, Inc., headquartered in Hudson,
Massachusetts, provides value-added electronics manufacturing
services to original equipment manufacturers in the
networking and telecommunications, computer, industrial and
medical equipment markets. The Company provides OEMs with
complex printed circuit board assembly primarily utilizing
advanced surface mount technology, electro-mechanical
subassembly, total system assembly and integration,
mechanical and molded cable and harness assembly and other
value-added services. The Company has operations in
California, Georgia, Massachusetts, Mississippi, Mexico,
Ireland, and Taiwan.
This press release contains forward-looking statements
subject to risks and uncertainties that could cause actual
results to differ materially from those anticipated,
including statements concerning the effects of the
acquisition, expected financial and operating results,
synergies, growth of the customer base, future customer
shipments, and the plans and objectives of management. Those
risks and uncertainties include, among others: the risk of
not integrating the GSS Array business successfully; the
inability to achieve expected synergies; costs associated
with the acquisition; the effectiveness of managing
manufacturing processes; increased competition and its
effects on pricing, revenues and gross margins, and the
customer base; future customer demand; the Company's ability
to timely complete, configure and ship products; and changes,
reductions, delays or cancellations of customer orders. In
addition, the Company's business and results of operations
are subject to numerous additional risks and uncertainties,
including the short-term nature of customer orders,
customers' announcements and introduction of new products or
new generations of products, evolutions in the life
cycles of customers' products, inventory obsolescence,
currency exchange rate movements, trends in the electronics
industry and changes or anticipated changes in economic
conditions. For a more detailed discussion of the risks and
uncertainties of the Company's business, please refer to the
Company's periodic reports and registration statements filed
with the Securities and Exchange Commission, including the
Company's Annual Report on Form 10-K for the period ended
December 31, 1999, Quarterly Report on Form 10-Q for the
period ended March 31, 2000 and the Registration Statement on
Form S-3, File No. 333-41406.
SOURCE: ACT Manufacturing, Inc. |
