Company
News
C-MAC Industries Acquires AMP
Incorporated's 50 Percent Interest
In Carolina Circuits
Montreal, Quebec, December 14, 1998 -- C-MAC Industries Inc. and AMP
Incorporated announced today that they have reached an agreement whereby C-MAC will
acquire AMP's 50 percent ownership interest in Carolina Circuits Co. This acquisition aims
at continuing the implementation of C-MAC's ongoing strategic plan to add value for
customers through vertical integration.
C-MAC has agreed to take full ownership of Carolina Circuits in Greenville, SC from
AMP. Carolina Circuits was formed earlier this year as a 50-50 joint venture between C-MAC
and AMP to produce printed circuit boards. Robert Coalier, C-MAC's Chief Financial
Officer, noted that C-MAC's relationship with AMP "has been good for both companies
and Carolina Circuits' retention of AMP as a key customer is one by which both companies
can benefit." This acquisition includes the buildings, land and all capital
equipment.
In addition to standard-to-complex multilayer backpanels, Carolina Circuits also
provides high performance, medium and high-density printed circuit boards. With an
increasing focus on PWB and backpanel design services and an aggressive panel size
expansion program, C-MAC will continue to provide its customers with the most advanced
interconnect service in the industry. Combining its reputation for superior customer
service, outstanding quality and exceptional manufacturing capabilities, C-MAC is able to
provide totally integrated solutions to customers in a broad range of markets.
Dennis Wood, C-MAC's Chairman and Chief Executive Officer, commented that "the
acquisition of all ownership interest in this facility reinforces our commitment to
provide high technology, cost effective, multilayer printed circuit boards to our
customers. We will augment our production capabilities to include fabrication of large
area backpanels and higher complexity PWB's to further support our customers' product
expansion requirements."
C-MAC Industries is a leading internationally diversified manufacturer of advanced
electronic components, sub-systems and systems that also provides contract assembly
services for the telecommunication, automotive, instrumentation, defense and aerospace
industries. Headquartered in Montreal, C-MAC has more thatn 3,700 employees in 25
manufacturing operations in Canada, Belgium, China, France, India, the United Kingdom and
the United States. The C-MAC stock is traded on both the Montreal and Toronto Stock
Exchanges.
Headquarted in Harrisburg, PA, AMP (NYSE: AMP) is the world's leading manufacturer of
electrical, electronic, fiber-optic and wireless interconnection devices and systems. The
company has 47,000 employees in 53 countries serving customers in the automotive,
computer, communications, consumer, industrial and power industries. AMP sales reached
$5.75 billion in 1997.
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