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Elcoteq Acquires 20 Percent of ISIS Surface Mounting
October 30, 2003 |Estimated reading time: 1 minute
Helsinki, Finland and San Jose, Calif. — Elcoteq Network Corp. and ISIS Surface Mounting Inc. have formed an agreement whereby Elcoteq has acquired 20 percent of ISIS shares.
Elcoteq will acquire the remaining shares at the end of 2004 provided that ISIS meets agreed-upon performance targets.ISIS, founded in 1987 and privately held, provides new product introduction (NPI) services and low-volume manufacturing to companies predominantly involved in supplying communications networks both fixed line and wireless. The acquisition is part of Elcoteq's strategy to locate NPI centers close to its customer base, to leverage the resulting customer contacts into more comprehensive manufacturing agreements within the global Elcoteq network, and to add additional technical capability in engineering services. ISIS has 100 full-time employees and expertise in RF and communication infrastructure technology. The agreement provides Elcoteq an established NPI and manufacturing center to service and support West Coast customers. Prior to this deal Elcoteq has NPI centers in nine countries on three continents.This is the second purchase of a U.S.-based NPI center by Elcoteq. In March 2003, Elcoteq acquired NPRC located in Dallas, Texas. As with NPRC, ISIS is predominantly focused on communications technology, and the acquisition enables ISIS to offer its customers the quality, design, manufacturing and pricing of Elcoteq's global operation.
Elcoteq Network Corp. is the largest European electronics manufacturing services (EMS) company and one of the global leaders in its field. For more information, visit www.elcoteq.com.
ISIS Surface Mounting is a contract electronic manufacturer providing a full range of in-house production capabilities and services. For more information, visit www.isis-smt.com.