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EXHIBIT 99.1
Sanmina Completes Merger with Hadco
June 23, 2000 09:26
Combination Positions Sanmina as Global Leader in Printed Circuit Fabrication
Technology
SAN JOSE, Calif., June 23 /PRNewswire/ -- Sanmina Corporation (Nasdaq: SANM), a
leading electronics contract manufacturer, today announced that the company has
completed its merger with Hadco
Corporation, a major manufacturer of advanced electronic interconnect products
in North America.
As a result of the transaction, Hadco is now a wholly owned subsidiary of
Sanmina and each outstanding share of Hadco Common Stock will be converted into
1.40 shares of Sanmina Common Stock.
"We are very excited about this merger as we believe it will provide us with a
dynamic platform for continued rapid growth," said Jure Sola, Chairman and Chief
Executive Officer of Sanmina. "The combined company offers customers a number of
advantages, including cost effective new product development capabilities,
increased advanced circuit fabrication technology and capacity, and the addition
of a talented workforce. We look forward to working with our new colleagues."
Commenting further, Andrew E. Lietz, President and Chief Executive Officer of
Hadco, said, "We are pleased this transaction has been approved and are proud
that Hadco shareholders and employees will have an opportunity to share in
Sanmina's significant growth opportunities in the robust electronics
manufacturing services (EMS) market."
About Sanmina Corporation
Sanmina Corporation is a leading electronics contract manufacturing services
company providing a full spectrum of integrated, value-added electronic
manufacturing services. Services include the manufacture of complex printed
circuit board assemblies, custom-designed backplane assemblies and
subassemblies, multi-layered printed circuit boards, custom cable and wire
harness assemblies, enclosures and the testing and assembly of electronic
subsystems and systems. The company provides these services to a diversified
base of leading OEMs in the communications, industrial and medical
instrumentation and computer sectors of the electronics industry. Sanmina common
stock trades on the Nasdaq National Market under the symbol: SANM. Information
regarding Sanmina can be found on its World Wide Web page located at
http://www.sanmina.com.
Safe Harbor Statement
The foregoing, including the discussion regarding the company's future prospects
contains certain forward-looking statements that involve risks and
uncertainties, including uncertainties associated with economic conditions in
the electronics industry, particularly in the principal industry sectors served
by the company, changes in customer requirements and in the volume of sales to
principal customers, the ability of the company to assimilate acquired
businesses and to achieve the anticipated benefits of such acquisitions,
competition and technological change. The company's actual results of operations
may differ significantly
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from those contemplated by such forward-looking
statements as a result of these and other factors, including factors set forth
in the company's 1999 Annual Report on Form 10-K filed with the Securities
Exchange Commission on December 15, 1999 and the company's most recent quarterly
10-Q report dated May 16, 2000.
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