SAN JOSE, CA: Flextronics announces a definitive agreement to acquire NEXTracker. The acquisition will augment the Flex Energy business and is expected to be accretive to Flextronics' growth, margin, EPS and cash flow generation. Post the acquisition, NEXTracker will operate as a subsidiary, retaining its existing brand under the continued leadership of Dan Shugar.
Flextronics, a sketch-to-scale solutions company, is a provider of innovative designs, engineering, manufacturing, real-time supply chain insights and logistics services. Flextronics caters to companies of all sizes in various industries and end-markets.
"This acquisition aligns well with our strategy of acquiring technologies that deliver innovative, value-added solutions to our customers in industries with strong growth rates and higher margins," says Mike McNamara, CEO of Flextronics.
NEXTracker, a designer and manufacturer of advanced single axis photovoltaic (PV) trackers, offers significant breakthrough in horizontal tracking, with lower costs, better performance and more flexibility for solar power plants of all sizes. These benefits increase profitability for solar project developers, EPCs and system owners.
"Joining Flex will enable NEXTracker to accelerate its growth while leveraging our best-in-class, innovative technologies, and a shared passion for advancing the future of renewable energy," says Dan Shugar, Chairman and CEO of NEXTracker.
"Together with our existing Energy capabilities, the NEXTracker solutions will enable Flextronics to further enhance our sketch-to-scale solar offerings. Our strong, free cash flow generation enables margin-accretive acquisitions like this to be completed, while at the same time allowing us to remain committed to maximizing shareholder value through returning over fifty percent of free cash flow to our shareholders,” adds McNamara, CEO of Flextronics.