Molex Announces Closing of Cardell Corporation Acquisition
18 June 1999
Molex Announces Closing of Cardell Corporation Acquisition
LISLE, Ill.--June 18, 1999--Molex Incorporated , a global electronic components company, today announced that it has completed the transaction to acquire Cardell Corporation, an Auburn Hills, Michigan-based, privately owned automotive terminal and connector manufacturer. Terms of the transaction were not disclosed.Cardell Corporation, established in 1979, is a full-service connector supplier to automotive original equipment manufacturers (OEMs) including Tier 1 manufacturers of harnesses sold to Ford and Chrysler. Cardell employs approximately 560 people in its offices and manufacturing facilities, which are located near Detroit. Cardell sales were approximately $100 million for the year ended December 31, 1998.
"Molex believes that this strategic acquisition will help strengthen our growing automotive business and add to our position as a key global supplier of interconnecting devices," said Fred A. Krehbiel, Molex Chairman and Chief Executive Officer.
Molex Incorporated is a 61 year old manufacturer of electronic, electrical and fiber optic interconnection products and systems, switches, value-added assemblies and application tooling. Based in Lisle, Illinois, USA, the Company operates 49 manufacturing facilities in 21 countries and employs approximately 13,000 people.
Statements in this release that are not historical are forward-looking and are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. These risks and uncertainties include, but are not limited to, the possibility that the respective businesses of Molex and Cardell may not be readily integrated, and the other risks set forth in Molex's annual report on Form 10-K, its current reports on Form 10-Q and other SEC filings.
Editor's note: Molex is traded on the NASDAQ National Market System in the United States and on the London Stock Exchange.