ASTEEL to Buy Flash, Form $750M EMS Co.
Published: 20 December 2007
PARIS – ASTEEL will acquire Flash Electronics in an all-stock deal, forming an EMS company with some $750 million in annual sales, the companies announced today.
Flash's senior management team will remain in place, with chairman Matthew Liu and president Chin Fan maintaining equity stakes in the new company.
ASTEEL/Flash will be privately held and headquartered in Paris.
Founded in 1999, ASTEEL has 12 manufacturing locations between France and Tunisia. The company has a subsidiary in Romania and plans to acquire an EMS company in the UK.
Fremont, CA-based Flash was founded in 1994, and has four manufacturing sites in the Silicon Valley, totaling more than 180,000 sq. ft., plus a 340,000 sq. ft. plant in Suzhou and a 56,000 sq. ft. facility in Shanghai.
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