Aug 30 2013
Flextronics, a leading global supply chain solutions company, and RIWISA AG, a privately held and family-owned, leading provider of high volume, high precision, injection molding and automation solutions based in Switzerland, announced that they have entered into a definitive agreement whereby Flextronics will acquire RIWISA.
Upon completion, Flextronics will acquire RIWISA's state-of-the-art manufacturing facilities and highly-experienced employees in medical, consumer packaging and industrial products, which will broaden its precision injection molding and high-speed automation offerings.
"The addition of RIWISA's precision plastics and automation capabilities to Flextronics Medical is a tremendous complement to the broad range of healthcare solutions we can offer our customers globally and underscores the strategic commitment we have made to expand our services in this market," said Mark Kemp, president of Flextronics Medical. "We are very excited about today's announcement and look forward to creating a European Center of Excellence for precision plastics in Switzerland and adding RIWISA's highly talented team to the Flextronics family."
"In the scope of the succession plans, we carefully reviewed several different scenarios. Primary importance was focused on the future of the Company and its employees, the changing customer requirements and increasing globalization of the market," said Gerold Richner, general manager of RIWISA. "By its sale to Flextronics, with its operations in more than 30 countries and global customer base, RIWISA is given access to the world market, enabling a solid foundation for successful future growth for the employees and the continuation of the Company's industry legacy of more than 67 years."
Peter Richner, president of the board of directors at RIWISA said, "By integrating RIWISA into Flextronics, we believe we will create the best outcome for a successful future of the Company and its employees in Switzerland. Thanks to the proven expertise of our three business units: Medical, Consumer Packaging and Industrial and Flextronics' global presence, we will be able to meet our changing customer needs and global requirements to further strengthen the Hagglingen site."
Completion of the transaction, which is subject to certain closing conditions, including regulatory approvals, is expected to take place by the end of October. Additional terms of the deal were not disclosed.