ANAHEIM, Calif. and NEW YORK, June 8, 2011 /PRNewswire/ -- Multi-Fineline Electronix, Inc. (Nasdaq: MFLX), announced today that the company has enhanced its manufacturing operations with two new facilities that incorporate additional capacity and state-of-the-art technology. Both new facilities were built on time and within budget to meet future customer demands. MFLEX produces technologically advanced flexible circuits, component assemblies and module assemblies used in smartphones, tablets, and other consumer electronic devices. As one of FORTUNE's 2010 "100 Fastest-Growing Companies," MFLEX will be celebrating its recent achievements by ringing the opening bell at NASDAQ on June 10, 2011.
A global leader in flex circuit fabrication, with complex electronic component assembly, and mechanical integration of intricate components and sensors, MFLEX currently operates in North America, Europe and multiple locations in Asia. The two new MFLEX facilities, located in Suzhou and Chengdu, China, together totaling over 900,000 square feet, are now on-line. The new facility in Suzhou will primarily perform flex circuit manufacturing, while the new facility in Chengdu will perform component and module assembly.
"MFLEX has operated in China for more than 16 years and achieved success by building a talented workforce and relationships with leading OEM customers in the electronics industry," said Reza Meshgin, chief executive officer at MFLEX. "The addition of these two new facilities increases our capacity needed to accommodate expected higher demand from our existing customer base and the expected addition of new OEM customers. The new plants also facilitate the advancement of our technology capabilities to produce the more sophisticated flex assemblies that our OEM customers demand. Upon completing this latest phase of our expansion initiatives, we expect our annual revenue capacity to be $1.1 to $1.2 billion by the end of fiscal 2011 and approximately $1.3 billion by mid fiscal 2012."
MFLEX's early supplier involvement during concept and design stages helps OEM's achieve faster time-to-market for new products. MFLEX's supply chain reduction model using a modularization approach with a high level of interaction throughout the product lifecycle enables a consistent and predictable supply chain for global customers. The Chengdu expansion of 290,000 square feet facility increases the Company's component and module assembly capabilities. The Suzhou expansion, a state-of-the-art 610,000 square foot facility, incorporates new roll-to-roll technology capabilities to achieve advanced high density interconnect requirements.
About MFLEX
MFLEX (www.mflex.com) is a global provider of high-quality, technologically advanced flexible printed circuit and value-added component assembly solutions to the electronics industry. The Company is one of a limited number of manufacturers that provides a seamless, integrated end-to-end flexible printed circuit solution for customers, ranging from design and application engineering, prototyping and high-volume manufacturing to turnkey component assembly and testing. The Company targets its solutions within the electronics market and, in particular, focuses on applications where flexible printed circuits are the enabling technology in achieving a desired size, shape, weight or functionality of an electronic device. Current applications for the Company's products include smartphones, tablets, computer/data storage, portable bar code scanners and other consumer electronic devices. MFLEX's common stock is quoted on the Nasdaq Global Select Market under the symbol MFLX.
Certain statements in this news release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements which may be preceded by the words "future," "believe," "will," "expect," "schedule" or similar words. For such statements, the company claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from the company's expectations. Important factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in the Company's SEC reports, including its Quarterly Report on Form 10-Q for the period ended March 31, 2011. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any intent or obligation to update these forward-looking statements.
For more information contact:
Ron Demeter
MWW Group
1 213 405 3789
rdemeter@mww.com
SOURCE MFLEX
