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Flextronics signs agreement to acquire IDW

Posted: 07 Sep 2006     Print Version  Bookmark and Share

Keywords:Flextronics  International DisplayWorks  LCD  LCD module  cell phone 

Flextronics International Ltd and International DisplayWorks Inc. (IDW) have entered into a definitive

agreement for Flextronics to acquire IDW, a company that manufactures small form factor LCDs, modules and assemblies for cell phones, MP3 players, and industrial and commercial products.

Under the terms of the agreement, Flextronics will acquire IDW in a stock- for-stock merger with an aggregate value of approximately $300 million. The transaction is subject to customary closing conditions, including IDW stockholder approval and certain regulatory approvals. The acquisition is expected to close in Q4. As a result of the acquisition, IDW will become a wholly-owned subsidiary of Flextronics.

"IDW augments our strategy of providing vertically integrated solutions by adding LCD design and manufacturing capabilities," Flextronics CEO Mike McNamara said in a statement. "IDW's proven track record of providing profitable, high-quality and competitive display solutions to a growing customer base fits very well with our overall strategy and provides IDW greater scale enabling them to grow more quickly with both new and larger customers."

Headquartered in Singapore, Flextronics is an EMS provider that delivers design, engineering and manufacturing services to aerospace, automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs.

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