Viasystems Group, Inc. Agrees to Acquire Metal Enclosure Business
7 December 2000
Viasystems Group, Inc. Agrees to Acquire Metal Enclosure Business
ST. LOUIS--Dec. 7, 2000--Viasystems Group, Inc. today announced that it has reached an agreement to acquire Accutec, a privately held metal enclosure business based in Oak Creek, WI. Financial terms of the proposed transaction were not disclosed. The transaction is expected to close during the first quarter of 2001 and is subject to customary approvals."This acquisition signals a continuation of Viasystems' strategy of providing a vertically integrated, globally positioned manufacturing solution to the telecommunications and networking equipment industries," said James N. Mills, chairman and chief executive officer of Viasystems. "Accutec's outstanding capabilities in the `big box' segment of the enclosure market have completed our global footprint and will now enable Viasystems to provide all aspects of electronics manufacturing in North America, Europe and Asia/Pacific."
"From the day we started this business in 1991," said Bill Nimtz, Accutec's chairman and chief executive officer, "our goal has been to provide the highest level of service to a select few industry leaders. In the past decade, the qualification requirements to serve those customers have changed. They want their key suppliers to take on more work and manage their supply chain on an international scale, with uniformity. Teaming with Viasystems will enable us to answer that call."
Accutec's facility, located approximately 4 miles south of Milwaukee's airport, currently has 200 employees and more than 300,000 square feet of manufacturing space. Viasystems believes that the facility will readily accommodate expansion to include additional value-added electronics manufacturing services.
This press release contains forward-looking statements as defined by the federal securities laws, and these statements are based upon Viasystems' current expectations and assumptions, which are inherently subject to various risks and uncertainties that could cause actual results to differ from those anticipated, projected, or implied. Certain factors that could cause actual results to differ include fluctuations in operating results and customer orders, a competitive environment, reliance on large customers, risks associated with international operations, ability to protect patents and trade secrets, environmental laws and regulations, relationship with unionized employees, risks associated with acquisitions, substantial indebtedness, control by large stockholders and other factors described in Viasystems' filings with the Securities and Exchange Commission.
Viasystems Group, Inc. is a leading global EMS provider with 24,000 employees and 33 manufacturing facilities in nine countries, supplying customers in the telecommunications, networking, automotive and consumer electronics industries. Viasystems is listed on the New York Stock Exchange, trading under the symbol "VG."