“Market Cap $5.6 B As of May 2014
At a Glance
- Industry: Electronics
- Founded: 1990
- Country: Singapore
- CEO: Michael McNamara
- Website: www.flextronics.com
- Employees: 149,000
- Sales: $24.68 B
- Headquarters: Singapore
#1199 Global 2000
- #376 in Sales
- #1770 in Profit
- #1486 in Assets
- #1790 in Market value
Flextronics International Ltd. is an investment holding company. The company engages in providing designing, manufacturing and services to original equipment manufacturers of a range of electronic products in the following markets: High Reliability Solutions, which is comprised of medical, automotive, and defense and aerospace businesses; High Velocity Solutions, which includes mobile devices business, including smart phones, consumer electronics, including game consoles, high-volume computing business, including notebook personal computing, tablets, and printers; Industrial and Emerging Industries, which is comprised of large household appliances, equipment, and emerging industries businesses; and Integrated Network Solutions, which includes telecommunications infrastructure, data networking, connected home, and server and storage businesses. Flextronics International was founded in May 1990 and is headquartered in Singapore.“
“Flextronics International History
In 1969, the company was founded in Silicon Valley as Flextronics, Inc. by Joe McKenzie. In 1980, the company was sold to Bob Todd, Joe Sullivan and Jack Watts. In 1981, Flextronics became a publicly held company.
In 1990, the company returned to being a private company in a leveraged buyout and was renamed as Flextronics International, Ltd. with Singapore as its new base. In 1993, the company received venture capital funding through Sequoia Capital, and became a public held company again in 1994. The company closed its contract electronic manufacturing plant in Richardson, Texas in 1996. The company acquired two companies in Hong Kong, Astron Group and FICO Plastics Ltd. and a Swedish-based company, Ericsson Business Networks. In 2000, the company ranked third on “100 Best-Managed Companies” by Industry Week. In 2005, the company purchased the manufacturing division of Nortel Networks, and Solectron in 2007. In 2006 Flextronics took over a part of the production of LEGO, but in 2009 LEGO decided to end relations with Flextronics and purchase the production facilities in Mexico and Hungary. On June 4, 2007, Flextronics offered to purchase Solectron for US$3.6 billion and thus making Solectron a subsidiary of Flextronics. The acquisition of Solectron was completed by end of October 2007, earlier than anticipated.
On March 18, 2009, Flextronics was invited to ring the NASDAQ stock market opening bell, signifying the day’s start of trading and celebrated 15 year NASDAQ-listed anniversary. Mike McNamara (CEO) and a group of top executives represented the company at the ringing of the bell. On August 25, 2009, Flextronics announced that it was chosen by LG Electronics (LGE), a global provider of advanced digital products and applied technologies, to manufacture 19, 22, 26, 32, and 37-inch LCD television receivers at its Juarez, Mexico facility for distribution to the North and South American markets. On September 2, 2009, Flextronics announced that Multek received Danaher Test and Measurement’s 2009 Outstanding Supplier Award. The award was given based on quality, delivery performance, engineering support and cost for work with two of Danaher’s business units, Tektronix and Fluke.
On September 15, 2010, Flextronics announced that it had been chosen by Brammo, Inc., a global leader in the electric motorcycle business, to be its manufacturing partner for the production and distribution of plug-in electric motorcycles and components. The partnership represented an expansion of Flextronics’ Automotive Division’s portfolio for battery powered vehicles and complemented its expertise in high voltage and energy recuperation for the automotive market. In 2010, the company signed an agreement with Lenovoto provide manufacturing for Europe. That same year, Flextronics also signed an agreement with Brammo to provide acquisition and manufacturing in North America, Asia and Europe.
In 2012, Flextronics incubated Elementum, a start-up supply chain management (SCM) company based in Palo Alto, CA.
In 2014, Flextronics was named as the manufacturer of the Fitbit Force by the U.S. Consumer Product Safety Commission in the context of a complete recall of the product due to rashes developing on the wrists of its users.”
*Information from Forbes.com and Wikipedia.org
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