ANGLETON, TX -- Suntron employees today confirmed the company is now part of Benchmark Electronics, which has remained tight-lipped about the acquisition.
As of early this afternoon East Coast time, Benchmark still had not issued a public announcement, nor was any corporate filing regarding the deal showing up on the SEC website. CIRCUITS ASSEMBLY yesterday gained a copy of a June 3 letter from Benchmark CEO and president Gayla Delly to Suntron's customers, however.
Today, multiple employees at Suntron confirmed the deal but declined to provide details. Calls to Suntron vice president Michael Seltzer and to Benchmark have not been returned at this time.
As a publicly traded company, Benchmark is required to provide certain details of any transactions considered material to its financial operations. Because Suntron is considerably smaller, it could be that the deal does not trigger the reporting requirement.
In calendar 2012 Benchmark had revenues of $2.47 billion, while privately held Suntron's sales were likely less than $80 million, or roughly 3% of Benchmark's.
Suntron is the result of two long-gone EMS companies, K-Tec Electronics and EFTC. At its peak, revenues topped $574 million in 2001, but a series of missteps, plant closings and selloffs over the past few years has left the company with three factories and dwindling sales.