Flex Divests Sheldahl Business Unit; Financial Terms Undisclosed
FLEX has more than doubled off its 52-week low of $42.826.
Summary
Flex has divested its Sheldahl business unit, which specializes in engineered materials and flexible circuit technologies for various high-reliability applications, to Chase Corporation. Financial terms of the transaction were not disclosed. This divestiture is part of Flex's ongoing strategic portfolio optimization, following its recent $1.1 billion acquisition of Electrical Power Products and the announced spin-off of its Cloud and Power Infrastructure segment. While the financial impact on Flex is currently unclear due to the undisclosed terms, it represents a definitive corporate action in line with the company's broader restructuring.
At the time of this announcement, FLEX was trading at $147.06 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $53.9B. The 52-week trading range was $42.83 to $166.86. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.