MFLEX Announces Restructuring Plan Designed To Return Company To Profitability

Multi-Fineline Electronix (NASDAQ: MFLX) today announced its restructuring plan which is designed to return the Company to profitability.  Following a full review of its manufacturing footprint and in an effort to realign its manufacturing capacity and costs with expected revenues, MFLEX is consolidating its production facilities to reduce the total manufacturing floor space by approximately one-third.  The Company's assembly operation in Chengdu, China, along with its two satellite manufacturing facilities in Suzhou, China, will be consolidated into MFLEX's two main manufacturing plants, MFC2 and MFC3, in Suzhou.  In addition, the Company expects to close its engineering and research & development subsidiary in Cambridge, United Kingdom.  These changes are expected to be completed by the end of June and the idled production equipment and vacated buildings owned by the Company will be listed for sale.        In connection with these actions, MFLEX anticipates annual cost savings of approximately $50 million, of which 90 percent is expected to reduce cost of sales and 10 percent is expected to lower operating expenses.  The Company anticipates that these See full press release