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Multi-level interconnection.
Early in the morning on February 17, people returning to work after President's Day were greeted by faxes informing the world that the Board of Directors of Continental Circuits Corp. (Phoenix, AZ) had accepted Hadco Corp.'s (Salem, Nil) offer of approximately $218 million for the acquisition of Continental as a wholly owned Hadco subsidiary that will operate as a standalone division. The fax went on to describe the variety of advanced interconnect products manufactured at Hadco's ten operations in the U.S. and Malaysia, and the MLBs and flex circuits made at Continental's three facilities in the Southwest. Rick McNamee, Continental president and CEO, was quoted as saying the merger will unite the technical efforts of two of the country's stronger interconnect manufacturers, better serve their combined customer base, and allow employees to grow along with the growing PCB industry. Andy Lietz, CEO of Hadco, talked about enhancing Hadco's leadership position in the worldwide proliferation of electronic products, the complementary geographic and product-mix advantages the acquisition will provide for its customers, and concluded by saying that the acquisition is a "key element in Hadco's long-term growth strategy." The mandatory legal...