Shares of Flextronics (FLEX) hardly reacted to last week's announcement that the firm agreed to acquire Saturn Electronics &Engineering. By acquiring Saturn, Flextronics expands its offerings in the Automotive Energy Management field.
The Deal
Flextronics announced on Monday that it will acquire the Michigan-based company. Few details regarding the deals were announced, with the exception that Saturn generates annual revenues surpassing $300 million.
Saturn supplies electronic manufacturing services to a range of industries including the automotive, consumer, energy and industrial market. The majority of its revenues, over 70%, are being generated in the automotive industry. The deal gives Flextronics access to low cost manufacturing areas in Asia.
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