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Flextronics announced it had acquired Saturn Electronics & Engineering, Inc. on December 3, 2012. Flextronics’ fiscal-2013 Form 10-K later reported $208.7 million in total purchase consideration, including potential contingent consideration. The deal expanded Flextronics’ automotive energy-management and vehicle-electronics capabilities.
When did Flextronics acquire Saturn Electronics?
Flextronics announced the acquisition on December 3, 2012. The target was Saturn Electronics & Engineering, Inc., a company headquartered in Rochester Hills, Michigan. Flextronics said additional deal terms were not disclosed in its announcement.
How much did Flextronics pay?
Flextronics’ fiscal-2013 Form 10-K recorded $193.7 million in initial cash consideration and up to $15.0 million in estimated potential contingent consideration, for total purchase consideration of $208.7 million. The contingent amount was potential consideration, not necessarily cash paid at closing. Flextronics fiscal-2013 Form 10-K
What did Saturn Electronics make?
Saturn was a business-to-business supplier, not a consumer-electronics brand. It provided electronics manufacturing services (EMS), wiring and high-precision engineered solenoids to customers in automotive, appliance, consumer, energy and industrial markets.
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Its scale and automotive exposure
At the time of the announcement, Flextronics described Saturn as having more than $300 million in annual revenue. A contemporaneous trade report gave Saturn’s 2011 revenue as $289.6 million and reported 1,958 employees as of January 1, 2012. The same report said around 70% of revenue came from automotive operations and described six locations across the United States, Mexico, the Philippines and China. EE Times report
Why was the acquisition important to Flextronics?
Flextronics presented the transaction as a way to strengthen its automotive energy-management and vehicle-electronics offerings. Its rationale was that Saturn’s manufacturing expertise could be combined with Flextronics’ supply-chain capabilities, vertical integration and global scale to expand customer services, accelerate speed to market and lower costs.
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Chris Obey, then president of Flextronics Automotive, said the combined capabilities would provide customers with an expanded range of services in automotive energy management and vehicle electronics. Saturn president and chief executive Gary Lawrey described Flextronics’ global presence and stability, along with its commitment to the markets where Saturn operated, as a good fit for Saturn’s team. Flextronics acquisition announcement EE Times report
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