The moves are intended
to support aggressive EMS growth objectives and also better align the
company to its 2008 and 2009 initiatives in program management, supply chain
management, quality management and information systems, Winland said in a press release.
The restructuring follows the recent hiring of Warren Mitchell as executive supply chain leader.
To pay for the buybacks, Plexus will use existing cash and new long-term debt of $150 million.
"This announcement reflects our ongoing commitment to our shareholders' total return," stated Dean Foate, President and chief executive. "We believe that repurchasing Plexus stock at current market prices is an attractive use of our capital with the potential to create significant shareholder value."