BUSINESS AND ASSET ACQUISITIONS

3 Months Ended

Jun. 28, 2013

BUSINESS AND ASSET ACQUISITIONS

BUSINESS AND ASSET ACQUISITIONS

11. BUSINESS AND ASSET ACQUISITIONS

On April 16, 2013, the Company completed the acquisition of certain manufacturing operations from Google’s Motorola Mobility LLC.  The Company also entered into a manufacturing and services agreement with Motorola Mobility LLC for mobile devices in conjunction with this acquisition.  The cash consideration for this acquisition amounted to $178.9 million. The Company primarily acquired inventory of approximately $98.0 million, property and equipment of $48.0 million, and other assets in the amount of $32.9 million.  As of June 28, 2013, the valuation of assets and liabilities is preliminary, subject to the finalization of valuations of certain acquired assets and liabilities and further management review.  This acquisition expanded the Company’s relationship with Google’s Motorola Mobility and its capabilities in the mobile devices market. The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition, April 16, 2013, and was less than 10% of the total Company revenue for the three-month period ended June 28, 2013.  Operating results of the acquired operations during the three-month period ended June 28, 2013 were not significant to the condensed consolidated financial results of the Company.  Estimated pro-forma revenue relating to this business for the three-month period ended June 29, 2012 amounted to $937.2 million and operating results for the same period were insignificant.

Additionally, during the three-month period ended June 28, 2013, the Company completed another acquisition for $9.5 million that was not significant to the Company’s consolidated financial position, results of operations and cash flows.  This business expanded the Company’s capabilities primarily in manufacturing operations for plastic parts and components.  The Company acquired primarily property and equipment in connection with this acquisition.  The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition.  Pro-forma results of operations for this acquisition have not been presented because the effects of the acquisition were insignificant to the Company’s financial results.

The Company continues to evaluate certain assets and liabilities related to business combinations completed during the recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Changes to amounts recorded as assets or liabilities may result in a corresponding adjustment to goodwill.