SINGAPORE, Jan. 28 /PRNewswire-FirstCall/ -- Flextronics (Nasdaq: FLEX) today announced that it has completed the previously announced acquisition of Avail Medical Products Inc., a privately-held, market leader in manufacturing disposable medical devices. As a division of the Flextronics Medical segment, Avail will continue to operate as a stand-alone business. Flextronics Medical segment is one of the fastest growing Flextronics segments focused on providing outsourced design, manufacturing and logistics services to the medical device and equipment marketplace, including consumer diagnostic devices, lab and life science equipment, imaging and patient monitoring equipment, hospital beds, and drug delivery devices. With the combination of continued strong organic growth and the acquisition of Avail, Flextronics Medical expects to generate $850-$950 million in revenue in the fiscal year ending March 31, 2009, which represents a year-over-year expected growth rate of 90%.
"The acquisition of Avail expands our existing global design and manufacturing capabilities creating a more robust and competitive offering that now includes a wide range of disposable medical devices such as catheters, wound management and drug delivery devices. The addition of Avail establishes Flextronics as a leading supplier and partner for the medical industry," said Dan Croteau, president, Flextronics Medical. "This is a highly strategic acquisition for Flextronics and I am pleased to welcome the talented Avail staff to our organization."
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 digital, industrial, infrastructure, medical and mobile OEMs. With the acquisition of Solectron, pro forma fiscal year 2007 revenues from continuing operations are more than US$30.0 billion. 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 http://www.flextronics.com.
This press release contains forward-looking statements. These forward- looking statements include statements related to plans, projections and estimates regarding the acquisition, including future financial and operating results. These forward-looking statements are based on current assumptions and expectations and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. These risks include that the revenues, cost savings, growth prospects and any other synergies expected from the acquisition may not be fully realized due to difficulties integrating the businesses, operations and product lines of Avail or may take longer to realize than expected. The forward-looking statements in this communication are based on current expectations and Flextronics assumes no obligation to update these forward- looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.
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