NEENAH, Wis., Sept. 23, 2010 (GLOBE NEWSWIRE) -- Plexus Corp. (Nasdaq:PLXS) today announced that its Board of Directors has increased the size of the Board to ten directors and has elected Philip (Phil) R. Martens to fill the new seat, effective immediately. Phil serves as President, Principal Executive Officer, and Chief Operating Officer of Novelis Inc., the world leading producer of flat-rolled aluminum products for commercial and industrial applications. Prior to joining Novelis Inc., he was the President and Chief Executive Officer for Arvin Innovation, Inc. and began his career at Ford Motor Company where he served 18 years in various leadership positions focused on product innovation, engineering and operations.
John Nussbaum, Chairman of the Board of Plexus Corp., commented, "I would like to welcome Phil to the Plexus Board of Directors. He is a creative and visionary leader with extensive global operating experience. The Plexus Board looks forward to the additional depth and insight that we believe Phil will provide in shaping the Company's global growth strategies, particularly in the European and Asia Pacific regions."
Dean Foate, President and CEO of Plexus Corp., added, "The Plexus Leadership Team is looking forward to working with Phil. His career progression and global leadership experiences in product development and Lean Sigma operations aligns with Plexus' Product Realization Value Stream Solutions, a service model where we help our customers innovate new products, manufacture and fulfill into global end-markets. Phil has direct leadership, customer development, cultural and political experiences in the Company's key growth regions and we look forward to his counsel and advice as we execute the Company's growth strategies that are designed to deliver long-term shareholder value."
Phil holds a Masters of Business Administration from the University of Michigan, a Bachelor of Science in Mechanical Engineering from Virginia Tech and has been awarded a Doctorate in Engineering from Lawrence Technical Institution for his extensive contributions to the global automotive industry.
About Plexus Corp. – The Product Realization Company
Plexus () delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer focused service model seamlessly integrates innovative product design, customized supply chain solutions, uniquely configured "focused factory" manufacturing, global end-market fulfillment and after-market services to deliver comprehensive end-to-end solutions for customers in the North American, European and Asia-Pacific regions.
Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 100 branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.
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The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including "believe," "expect," "intend," "plan," "anticipate," "goal," "target" and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to: the economic performance of the industries, sectors and customers we serve; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the poor visibility of future orders, particularly in view of current economic conditions; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risk that our revenue and/or profits associated with customers who have been recently acquired by third parties will be negatively affected; the risks relative to new customers, including our arrangements with The Coca-Cola Company, which risks include customer delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; our ability to manage successfully a complex business model; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; the effects of the current constrained supply environment, which has led and may continue to lead to periods of shortages and delays in obtaining components based on the lack of capacity at some of our suppliers to meet increased demand, or which may cause customers to increase forecasts and orders to secure raw material supply or result in our inability to secure raw materials required to complete product assemblies; raw materials and component cost fluctuations particularly due to sudden increases in customer demand; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by customer resulting in an inventory write-off; the weakness of the global economy and the continuing instability of the global financial markets and banking system, including the potential inability on our part or that of our customers or suppliers to access cash investments and credit facilities; the effect of changes in the pricing and margins of products; the effect of start-up costs of new programs and facilities, including our recent and planned expansions, such as our new facilities in Hangzhou, China and Oradea, Romania, and our plans to further expand in Penang, Malaysia and other locations; the adequacy of restructuring and similar charges as compared to actual expenses; the risk of unanticipated costs, unpaid duties and penalties related to an ongoing audit of our import compliance by U.S. Customs and Border Protection; possible unexpected costs and operating disruption in transitioning programs; the potential effect of world or local events or other events outside our control (such as drug cartel-related violence in Mexico, changes in oil prices, terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company's Securities and Exchange Commission filings (particularly in Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended October 3, 2009).
CONTACT: Plexus Corp. Ginger Jones, Vice President, Chief Financial Officer 920-751-5487 ginger.jones@plexus.com