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agreed to acquire

Microcell Group

, a manufacturer of wireless handset products, for $80 million.

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Microcell's operations include centers in Finland and Denmark, administrative offices in Switzerland and the U.S., and a manufacturing operation through a joint venture in Nanjing, China.

Flextronics also said it will assume $120 million of Microcell's liabilities.

Flextronics said the acquisition won't have a significant impact on sales and will be neutral to slightly positive on operating profits through the fiscal year ending March 31, 2004. Afterward, Microcell should add to operating profits.

Shares of Flextronics were losing 8 cents to $11.24 in recent