Business
Flex Announces Definitive Agreement to Acquire Anord Mardix
Acquisition Strengthens Company's Industrial Business in Power and Data Center Solutions SAN JOSE, Calif., Oct. 18, 2021 /PRNewswire/ -- Flex (NASDAQ: FLEX)
About this update from Flex Ltd.
[{"type":"text","content":"Acquisition Strengthens Company's Industrial Business in Power and Data Center Solutions\n\n\nSAN JOSE, Calif., Oct. 18, 2021 /PRNewswire/ -- Flex (NASDAQ: FLEX) announced today it has entered into a definitive agreement to acquire Anord Mardix, a global leader in critical power solutions, from private equity firm Bertram Capital. The acquisition adds to Flex's portfolio of Power products and expands its offering in the data center market. The $540 million all-cash transaction has been unanimously approved by Flex's Board of Directors and is expected to close in the fourth quarter of calendar 2021, subject to customary closing conditions, including regulatory approval.\nAnord Mardix was established in 2018 as a result of a business combination between Anord Control Systems and Mardix, each with over 50 years of engineering experience. Anord Mardix offers an extensive product portfolio of critical power solutions including switchgear, busway, power distribution and modular power systems, along with monitoring solutions and services. This portfolio combined with Flex's embedded power, server and storage products, racks and enclosures and full systems assembly capability will accelerate the company's growth in the data center market. Anord Mardix will also leverage Flex's global footprint and supply chain to establish itself as a trusted provider of quality products at scale across all major regions.\n\"This acquisition builds on Flex's previously articulated strategy to move toward higher margin opportunities in faster growing verticals in our Reliability business,\" said Revathi Advaithi, Chief Executive Officer of Flex. \"With Anord Mardix, Flex's business will be better positioned to capture rising global demand for data center power solutions.\" \n\"Anord Mardix primarily markets critical power directly to data center operators. By joining Flex, we will be able to build out Anord Mardix's comprehensive range of end-to-end power systems for critical data facilities, leveraging Flex's expertise and efficiencies in advanced manufacturing and global supply chain. We look forward to being a part of Flex and expanding our abilities to provide quality data center solutions to our customers,\" said James Peacock, who will be Managing Director, of Anord Mardix.\nAs a widely trusted partner serving a diverse, global customer base, Flex'...