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Exhibit 99.1
Contact: John A. Pino
ACT Manufacturing, Inc.
978-567-4000
ACT MANUFACTURING, INC. ANNOUNCES THE ACQUISITION OF
GSS ARRAY TECHNOLOGY PUBLIC COMPANY LIMITED
Hudson, Massachusetts, Tuesday, August 8, 2000 - ACT Manufacturing, Inc.
(Nasdaq: ACTM) announced today that it has completed the acquisition of GSS
Array Technology Public Company Limited (GSS Array). ACT acquired 99.02% of the
issued shares and outstanding options of GSS Array pursuant to a tender offer
for the purchase price of approximately $86.6 million. In connection with the
acquisition, GSS Array will be delisted from the Stock Exchange of Thailand. GSS
Array is a leading Thailand based electronics manufacturing service provider and
is listed on the Stock Exchange of Thailand.
As a result of the acquisition, Mr. Robert Zinn, the Chief Executive Officer of
GSS Array, has become Executive Vice President of European and Asian Pacific
Operations and Mr. Jim Menges, the President of GSS Array, has become Senior
Vice President of Operations for Asia.
Mr. John A. Pino, Chairman, President and Chief Executive Officer of ACT, said,
"I am extremely enthusiastic about the acquisition of GSS Array. The
acquisition enables us to establish a significant footprint in the Far East and
deliver on our commitment to achieve our strategic business development
objectives for global expansion. The acquisition significantly broadens our
ability to provide high-quality electronic manufacturing solutions to customers
on a global scale and provides us with increased opportunities to enhance our
shareholder value."
"I am very excited about the addition of Messrs. Zinn and Menges to our
management team and look forward to working with such experienced professionals.
Also, the addition of nearly 3,000 skilled employees and its 240,000 square feet
of low-cost manufacturing capacity increases our worldwide employment to over
6,000 and our overall manufacturing capacity to over 1.5 million square feet,
enhancing our position as a global industry leader," added Mr. Pino.
In October 1999, ACT successfully completed an asset acquisition from GSS Array
Technology Inc. of San Jose, California, a subsidiary of GSS Array.
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ACT Manufacturing, Inc., headquartered in Hudson, Massachusetts, provides value-
added electronics manufacturing services to original equipment manufacturers in
the networking and telecommunications, computer and industrial and medical
equipment markets. The Company provides OEMs with complex printed circuit board
assembly primarily utilizing advanced surface mount technology, electro-
mechanical subassembly, total system assembly and integration, mechanical and
molded cable and harness assembly and other value-added services. The Company
has operations in California, Georgia, Massachusetts, Mississippi, Mexico,
Ireland, and Taiwan.
This press release contains forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially from those
anticipated, including statements concerning the effects of the acquisition,
expected financial and operating results, synergies, growth of the customer
base, future customer shipments, and the plans and objectives of management.
Those risks and uncertainties include, among others: the risk of not
integrating the GSS Array business successfully; the inability to achieve
expected synergies; costs associated with the acquisition; the effectiveness of
managing manufacturing processes; increased competition and its effects on
pricing, revenues and gross margins, and the customer base; future customer
demand; the Company's ability to timely complete, configure and ship products;
and changes, reductions, delays or cancellations of customer orders. In
addition, the Company's business and results of operations are subject to
numerous additional risks and uncertainties, including the short-term nature of
customer orders, customers' announcements and introduction of new products or
new generations of products, evolutions in the life cycles of customers'
products, inventory obsolescence, currency exchange rate movements, trends in
the electronics industry and changes or anticipated changes in economic
conditions. For a more detailed discussion of the risks and uncertainties of the
Company's business, please refer to the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the period ended December
31, 1999, Quarterly Report on Form 10-Q for the period ended March 31, 2000 and
the Registration Statement on Form S-3, File No. 333-41406.
