NEENAH, Wis., Feb. 17, 2011 (GLOBE NEWSWIRE) -- Plexus Corp. (Nasdaq:PLXS) announced today that its Board of Directors has approved a new stock repurchase program under which the Company is authorized to repurchase up to $200 million of its common stock. The Board has also authorized the Company to fund the stock repurchase program with existing cash and new long-term debt of up to $200 million. This borrowing transaction is expected to close by the end of the Company's fiscal third quarter, subject to entry into definitive lending agreements.
"This new stock repurchase program and related financing reflects our ongoing commitment to our shareholders' total return," stated Ginger Jones, Senior Vice President and Chief Financial Officer. "We successfully completed a repurchase program in 2008, and we believe that conditions are again right for a potential repurchase of our shares. We believe that repurchasing Plexus stock at current market prices is an attractive use of our capital resources, with the opportunity to create significant shareholder value. We remain optimistic about achieving our long-term financial and business goals, and believe that this stock repurchase program will help support those objectives."
The Company does not have a specific schedule or commitment for the repurchase of these shares; however, subject to market factors, the Company expects to complete the authorized repurchases by the end of calendar 2011.About Plexus Corp. – The Product Realization Company Plexus ( www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment, and sustaining services to deliver comprehensive end-to-end solutions for customers in the Americas, Europe, Middle East and Africa, 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.