Sanmina Corporation
 | |
| Type | Public |
|---|---|
| Industry | Electronics Manufacturing Services |
| Founded | 1980 |
| Founder | Jure Sola |
| Headquarters | , U.S. |
Key people | Jure Sola (Chairman and CEO) [1] |
| Revenue |  US$6.76 billion (2021) |
 US$281 million (2021) | |
| US$269 million (2021) | |
| Total assets | US$4.21 billion (2021) |
| Total equity | US$1.88 million (2021) |
Number of employees | c. 35,000 (2021) |
| Divisions | Viking Technology, SCI, Viking Enterprise Solutions, 42Q MES |
| Website | sanmina |
| Footnotes / references [2] | |
.jpg)
Sanmina Corporation is an American electronics manufacturing services (EMS) provider headquartered in San Jose, California that serves original equipment manufacturers in communications and computer hardware fields. The firm has nearly 80 manufacturing sites, and is one of the world’s largest independent manufacturers of printed circuit boards and backplanes. As of 2022[update], it is ranked number 482 in the Fortune 500 list.[3]
History
Sanmina was founded by Jure Sola and Milan Mandarić in 1980 as a printed circuit board manufacturer. During the 1980s, it expanded into manufacturing backplanes and subassemblies [4] for the telecommunications industry. During the 1990s, the company grew, producing complete products for major OEM companies and completing a number of acquisitions. Jure Sola became CEO and Chairman of Sanmina in 1991. The company completed an initial public offering on NASDAQ in 1993.
Merger and name changes
In December 2001, Sanmina merged with SCI Systems of Huntsville, Alabama, for $6 billion in cash, stock, and debt. Although Sanmina was only half as large as SCI at the time, it was in a better cash position because its core telecommunications business was performing well, whereas SCI's lower-margin businesses such as personal computer manufacturing, were struggling.[5] Shortly after, Sanmina-SCI bought E-M Solutions, a bankrupt Fremont, California electronics manufacturer, for $110 million in cash.[6] Then in early 2002, Sanmina acquired Rancho Santa Margarita-based Viking Interworks for $15 million ($10.9 million in cash and 390,000 shares of Sanmina stock worth $10.26 per share at the time).[7]
On November 15, 2012, the company changed its name to Sanmina.[8]
On July 2, 2015, the company announced that it had acquired the CertainSource Technology Group.
Change of Leadership
Bob Eulau replaced co-founder Jure Sola becoming the CEO effective October 2, 2017. After this change, Sola assumed the role of Executive Chairman of the Board .[9] Hartmut Liebel assumed the role of CEO in October, 2019. Jure Sola returned again as CEO in August 2020.[10]
Operations
In 2015, the San Jose, California-based company had 38,417 employees in over 27 countries on six continents. It serves clients in the fields of communications, computing, multimedia, semiconductors, defense, aerospace, medical applications, and automotive technology. It provides consulting, design, engineering, logistics, new product introduction, assembly, machining, and fabrication, to produce printed circuit boards, backplanes, electrical cables, injection-molded plastics, enclosures and frames, optics.
On May 11, 2018, Ather Energy, announced it had entered into an agreement with the company to develop and manufacture key components for its maiden scooter and production would take place in the company's facility in Chennai, India. [11]
On March 3, 2021, the company Astrotech Corporation (NASDAQ: ASTC) announced that its Astrotech Technologies, Inc. subsidiary has entered into an agreement with Sanmina Corporation to manufacture its mass spectrometry products. As part of the relationship, Sanmina will manufacture 1st Detect’s TRACER 1000. They have also agreed to manufacture AgLAB’s AgLAB-1000 and BreathTech’s BreathTest-1000 once those products are officially released.
Legal Issues
In 2019, Sanmina-SCI Systems Singapore Pte. Ltd., a subsidiary of Sanmina, was sued for S$10,774,031.35 of unpaid invoices that were factored through Capital Match, an peer-to-peer invoice financing platform in Singapore. The case, CAPITAL MATCH PLATFORM PTE. LTD. vs. CAPITAL MATCH PLATFORM PTE. LTD. (HC/S 649/2019), is currently being heard by the High Court of Singapore. The plaintiff alleges that weak internal process at Sanmina were at the root of fraud performed by Sanmina's employees. An estimated 1,000 retail investors in Singapore are affected by this case. A verdict is expected by mid 2022.
References
- ^ "Sanmina Announces its Co-Founder and Executive Chairman to Reassume Chairman and CEO Role".
- ^ "Sanmina Corporation 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 12 November 2021.
- ^ "Sanmina". Fortune. Retrieved 2018-12-23.
- ^ WHAT WE MAKE, MAKES A DIFFERENCE.
- ^ Todd Wallack (July 17, 2001). "Sanmina buys rival SCI Systems". San Francisco Chronicle. Retrieved 2007-09-28.
- ^ "Net expansion adds 52,000 domain names". San Francisco Chronicle. September 25, 2001. Retrieved 2007-09-28.
- ^ "Year later, Sanmina-SCI revives Viking". Orange County Business Journal. Retrieved 2010-10-27.[dead link]
- ^ Sanmina Dropping 'SCI' from Name
- ^ Reuters
- ^ "Sanmina Announces its Co-Founder and Executive Chairman to Reassume Chairman and CEO Role".
- ^ "Ather Energy inks deal with Sanmina to develop & produce key parts for S340".
External links
- Official website
- Business data for Sanmina Corporation:
- Pages with non-numeric formatnum arguments
- All articles with dead external links
- Articles with dead external links from November 2020
- Articles containing potentially dated statements from 2022
- All articles containing potentially dated statements
- Official website not in Wikidata
- Manufacturing companies based in San Jose, California
- Electronics companies established in 1980
- Electronics manufacturing
- Companies listed on the Nasdaq
- Electronics companies of the United States
- 1980 establishments in California
- 1993 initial public offerings