Word: sanmina
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...through the '90s, leveraging its early presence in Malaysia and China into a solid share of the "enclosures" market--doing final assembly for cellular phones, personal computers and printers. But when the Asian economic crisis hit in 1997, Marks says, "I was all ready to sell it off to Sanmina or Solectron...
...fifth largest contract manufacturers started discussing a potential marriage three months ago. The hotel conference room where they met near the Phoenix, Ariz., airport was cramped and seriously lacking in air conditioning. Even the bottled water was too warm to drink as Randy Furr, president and COO of Sanmina, made the pitch for his younger firm, then worth $7.7 billion, to buy SCI, then worth $4 billion, and considered a pioneer in the fast-growing business of manufacturing tech hardware for name-brand companies like Dell, Hewlett-Packard and Nokia. After nearly a day's wrangling, Furr could...
...dickering, the deal got done--as both companies recognized that it was the only way they could compete against larger rivals Solectron and Flextronics. SCI, with $9.1 billion in sales last year, mainly assembles PCs and telecom gear, using relatively low-paid labor in countries like Mexico and Malaysia. Sanmina manufactures more complex switches, routers and optical-networking equipment for the likes of Cisco, Alcatel and Motorola, often using skilled labor or factories equipped with robots and lasers. If the merger is approved, as expected, by shareholders and regulators in the U.S. and Europe, the combined company will employ...
...missed the boat when networking and telecom companies like Cisco became the largest customers for the EMS industry. Leading competitors like Flextronics and Sanmina, says Merrill Lynch analyst Jerry Labowitz, grew at a faster pace, pursuing diverse acquisitions while SCI was busy trying to add optics and networking companies--now suffering heavily from overcapacity--to its PC and cell-phone business...
...combined Sanmina and SCI, however, will be well positioned to challenge the industry's top players. The new company will offer a powerful mix of full-service manufacturing, from low-end components to high-end finished products. It will make everything from glucose meters to computer printers and cellular base stations. In any given week, its anonymous factories will produce as many as 5 million units of high-tech gadgetry--all bearing other companies' names...