Sanmina to Buy Rival Circuit Board Maker

Sanmina Corp. said it will buy rival circuit board maker Elexsys International Inc. of Irvine in a stock swap valued at about $220 million. The bid is valued at $22.21 a share, based on Sanmina’s closing price Tuesday of $67.31, up $1.19 on Nasdaq. Elexsys shareholders will receive 0.33 share of Sanmina for each of their Elexsys shares, the companies said. The purchase will broaden Sanmina’s product offerings and enhance its technology, Chief Executive Jure Sola said in a statement. San Jose-based Sanmina said the acquisition will add to earnings in the fiscal year starting in October. The company said it will take a charge in the current quarter, when the purchase is expected to close. It didn’t specify the size of the charge.