Sanmina-SCI to acquire Elscint`s Israeli operations
Dec 12, 2002
Sanmina-SCI Corporation (Nasdaq NM: SANM) and Elscint Limited (NYSE: ELT) ("Elscint"), today announced that Sanmina-SCI has signed a definitive agreement to acquire Elscintís manufacturing, assembly, engineering and integration operations in Israel. This factory manufactures high-end complex medical systems and other high-end industrial products. Principle customers include GE Medical Systems and Philips Medical Systems. Financial terms of the transaction were not disclosed. Jure Sola, Chairman and Chief Executive Officer of Sanmina-SCI, said, "This operation, which will become part of our recently formed Medical Systems Division, significantly strengthens our service offering in this fast-growing market sector. In addition, it furthers our goals of diversifying our customer end markets and expanding our total turn-key service capabilities." "This transaction further positions Sanmina-SCI as a premier partner for the medical industry for the design, engineering, prototype development, and manufacturing of advanced medical devices," said John Hendrick, Executive Vice President of Sanmina-SCIís Medical Division. "The facility will support the strong, local medical R&D activity and enable us to deliver leading-edge CT and nuclear medicine systems to key OEMís globally."Elscintís Chief Executive Officer Ms. Rachel Lavine commented, "During the past three years, Elscint has exerted considerable efforts to implement an aggressive program to improve the performance of its manufacturing, assembly, engineering and integration business. These efforts have borne fruit with the signing of the agreement with Sanmina-SCI. We are confident that Sanmina-SCI can meet our customersí stringent requirements for leading-edge technology, world-class quality, and superior customer service."