NEENAH, WI – Industry reports indicate that contract electronics maker Plexus Corporation said that its board has approved a financial recapitalization, in which it will borrow $150 million to buy back up to $200 million of its common shares.
"Over the last several months we have conducted a comprehensive review of our capital structure, and believe that a moderate amount of debt at the current favorable interest rates strikes the right balance for Plexus," said CFO Ginger Jones in a statement.
The company will pay $100 million to Morgan Stanley to buy back approximately 2.2 million shares, with expectation of buying back another $100 million shares on the open market by the end of 2008.
Plexus reported that it will fund the share repurchase with existing cash and a new long-term debt of $150 million, saying that the recapitalization will add to 2008 earnings per share.vManage will reportedly enable Magnetti Marelli, an automotive electronics systems provider, to achieve traceability and visibility of materials and manufacturing processes on their Panasonic, Fuji and Hitachi PCB SMT platforms. vManage will also help Magnetti Marelli to eliminate feeder errors by incorporating the software’s feeder verification functionality.
According to Valor, vManage provides shop floor control and material management by collecting accurate real-time machine performance data from equipment vendors, allowing visibility and control over the manufacturing operation from SMT lines to final assembly.
“We are very happy to have extended our shop-floor management installations at Magnetti Marelli,” said Julian Coates, VP of Valor. “vManage not only enables electronics manufacturers to remain competitive, but also to comply with special requirements set in the automotive industry.”