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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended.............December 31, 1999.........................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from........................to........................
Commission file number............000-14824.......................[Plexus Corp.]
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PLEXUS CORP.
55 JEWELERS PARK DRIVE
NEENAH, WISCONSIN 54956
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Plexus Corp.
Employee Stock Savings Plan
Index to Financial Statements
December 31, 1999 and 1998
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<TABLE>
<CAPTION>
Page
----
<S> <C>
Report of Independent Accountants 1
Statements of Net Assets Available for Benefits
as of December 31, 1999 and 1998 2
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1999 3
Notes to Financial Statements 4-7
Schedule Required by the Department of Labor's Rules and Regulations: *
Form 5500, Schedule of Assets Held for Investment
Purposes at End of Year as of December 31, 1999 8
</TABLE>
* Other schedules required by the Department of Labor have been omitted because
they are not applicable.
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Plexus Corp. Employee Stock Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Plexus Corp. Employee Stock Savings Plan (the "Plan") as of December 31,
1999 and 1998, and the changes in net assets available for benefits for the year
ended December 31, 1999, in conformity with accounting principles generally
accepted in the United States. These financial statements are the responsibility
of the Plan's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets Held
for Investment Purposes at End of Year is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Pricewaterhousecooper LLP
Milwaukee, Wisconsin
May 29, 2000
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PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
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<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Assets
Investments (See Note 3) $66,999,524 $47,616,410
----------- -----------
Receivables:
Employer's contribution 53,397 43,294
Participants' contributions 161,158 123,425
----------- -----------
Total receivables 214,555 166,719
----------- -----------
Net assets available for benefits $67,214,079 $47,783,129
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE> 5
PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $14,297,834
Interest 102,102
-----------
14,399,936
-----------
Contributions:
Participants' 4,169,612
Employer's 1,302,957
-----------
5,472,569
-----------
Total additions 19,872,505
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 1,945,400
-----------
Net increase before plan transfer 17,927,105
Transfer from another plan 1,503,845
-----------
Net increase 19,430,950
Net assets available for benefits:
Beginning of year 47,783,129
-----------
End of year $67,214,079
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE> 6
PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
1. DESCRIPTION OF PLAN
The following description of the Plexus Corp. Employee Stock Savings
Plan (the "Plan") provides only general information. Participants
should refer to the plan agreement for a more complete description of
the Plan's provisions.
GENERAL
The Plan, effective January 1, 1989, is a contributory defined
contribution plan covering all employees of Plexus Corp. (the
"Company") who have completed 90 days of service. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA").
CONTRIBUTIONS
Employee pre-tax contributions are based on voluntary written elections
by the participants directing the Company to defer a stated amount from
the participant's compensation. Participants may elect to defer up to
15% of their annual compensation. The Company will make a matching
contribution on behalf of a participant equal to 100% of the first 2.5%
of the participant's elective deferrals for participants who have
completed one year of service. Substantially all Company matching
contributions are allocated to the Employer Stock Fund. Contributions
are limited by Section 401(k) of the Internal Revenue Code.
INVESTMENT ALTERNATIVES
Plan participants may direct their entire account balances in 1%
increments to any of various investment options offered by the Plan.
Participants may change their investment options on a daily basis.
PARTICIPANT ACCOUNTS AND ALLOCATIONS
Each participant's account is credited with the participant's
contributions and allocations of Company contributions and plan
earnings. Allocations of plan earnings are based on participant account
balances in relation to total fund account balances, as defined by the
plan document. Participants in the Plexus Unitized Stock Fund are
allocated an undivided interest in the shares held by the fund.
VESTING AND DISTRIBUTIONS
Participants immediately vest in all contributions made to the Plan.
Participant accounts are distributable in the form of a lump sum
payment of cash or in whole shares of Company securities as elected by
the participant upon retirement, termination of employment, death,
disability, financial hardship or attainment of age 59-1/2. In
addition, participant accounts can be rolled over into an individual
retirement account ("IRA") or another qualified defined contribution
plan. Participant distributions may not be deferred past April 1 of the
calendar year following the year in which the participant attains age
70-1/2. Forfeitures of unclaimed distributions are used to reduce
Company matching contributions.
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PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
2. SUMMARY OF ACCOUNTING POLICIES
ACCOUNTING METHOD
The financial statements of the Plan are prepared under the accrual
method of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets,
liabilities, and changes therein, and disclosure of contingent assets
and liabilities. Actual results could differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are stated at fair value based on the quoted asset values
on the last business day of the plan year. The Plan presents in the
statement of changes in net assets available for benefits, the net
appreciation in the fair value of its investments which consists of the
realized gains or losses and the unrealized appreciation (depreciation)
on those investments.
RISKS AND UNCERTAINTIES
The Plan's investments are exposed to various risks, such as interest
rate, market, and credit risks. Due to the level of risk associated
with certain investments and the level of uncertainty related to
changes in the values of investments, it is at least reasonably
possible that changes in risks in the near term would materially affect
participants' account balances and the amounts reported in the
statements of net assets available for benefits and the statement of
changes in net assets available for benefits.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
ADMINISTRATIVE EXPENSES
Certain expenses incurred in the administration of the Plan are paid by
the Company and are not reflected within these financial statements.
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PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
3. INVESTMENTS
The following presents investments that represent 5 percent or more of
the Plan's net assets:
<TABLE>
<CAPTION>
December 31,
-------------------------
1999 1998
--------- ---------
<S> <C> <C>
Plexus Unitized Stock Fund, 1,098,792 and
1,112,208 shares, respectively $34,636,129 $27,167,894
Oppenheimer Quest Opportunity Value Fund,
121,757 and 97,838 shares, respectively 4,195,738 3,517,266
Munder Index 500 Fund, 207,882 and
149,662 shares, respectively 6,436,031 3,928,634
AIM Value Fund, 127,871 and 89,090 shares,
respectively 6,243,961 3,580,541
AIM Constellation Fund, 134,152 and 96,018
shares, respectively 5,434,524 2,930,476
American EuroPacific Growth Fund, 96,350 and
70,762 shares, respectively 4,110,276 2,009,632
</TABLE>
During 1999, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year)
appreciated in value by $14,297,834 as follows:
<TABLE>
<S> <C>
Mutual funds $ 5,759,055
Common stock 8,538,779
------------
$ 4,297,834
============
</TABLE>
4. AMOUNTS ALLOCATED TO WITHDRAWN PARTICIPANTS
Approximately $3,214,907 of plan assets have been allocated to the
accounts of persons who are no longer active participants of the Plan
as of December 31, 1999, but who have not yet received distributions as
of that date.
5. TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated May 6, 1998, that the Plan is designed in accordance
with applicable sections of the Internal Revenue Code.
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PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA.
7. RELATED PARTY TRANSACTIONS
Certain plan investments represent shares of employer securities and
participant loans. These transactions are considered party-in-interest
transactions. These transactions are not, however, considered
prohibited transactions under 29 CFR 408(b) of the ERISA regulations.
8. SUBSEQUENT EVENT
Effective March 1, 2000, the SeaMed Corporation Employee Savings Plan
(the "SeaMed Plan") merged into the Plan. Additionally, the Plan's name
changed to Plexus Corp. 401(k) Savings Plan on that date.
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PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
FORM 5500, SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
DECEMBER 31, 1999
<TABLE>
<CAPTION>
Identity of Issuer,
Borrower, Lessor Current
or Similar Party Description of Investment Value
------------------------- ------------------------- -------------
<S> <C> <C>
(*) Plexus Unitized Stock Fund Plexus Corp. Common Stock $ 34,636,129
Ivy Money Market Fund Mutual Fund 2,339,151
Ivy Bond Fund Mutual Fund 870,277
Oppenheimer Quest Opportunity Value Fund Mutual Fund 4,195,738
Munder Index 500 Fund Mutual Fund 6,436,031
AIM Value Fund Mutual Fund 6,243,961
American EuroPacific Growth Fund Mutual Fund 4,110,276
AIM Constellation Fund Mutual Fund 5,434,524
Seligman Frontier Fund Mutual Fund 2,394,933
American Balanced Fund Mutual Fund 261,762
(*) Participant Loans Interest rates ranging from 8.2%
to 24.0%; Maturity dates ranging
from 2000 to 2004 76,742
-------------
$ 66,999,524
=============
</TABLE>
* Party-in-interest transactions.
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
Date: June 26, 2000 /s/ Jos. D. Kaufman
-------------------
Joseph D. Kaufman
Employee Stock Savings Plan Fiduciary
Committee Member
