Nu
Horizons Announces Contract To Sell Its Electronic Manufacturing
Services Subsidiary
MELVILLE,
NY - (July 12, 2001) - Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive components and a provider of industrial manufacturing
services, today announced that it entered into an agreement
to sell its Nu Visions Manufacturing Inc. subsidiary for
an undisclosed amount to members of Nu Visions' management
and an affiliate of Golden Gate Capital, a $700 million
private equity firm based in San Francisco. The transaction
is expected to close no later than August 26, 2001. Nu
Visions Manufacturing Inc. (located in Springfield, Mass.)
accounts for approximately twelve (12) percent of Nu Horizon's
total sales.
About
Nu Horizons
Nu
Horizons is a national distributor of high technology
electronic components, which provide innovative, total
semiconductor solutions through products and technologies
that are faster, smaller and lower powered. Nu Horizons
was established in 1982 and currently has 34 branch and
subsidiary offices located in the U.S., Canada, England
and Singapore. For more information, visit the Nu Horizons'
home page at http://www.nuhorizons.com.
Except
for historical information contained herein, the matters
set forth in this news release are forward looking statements
that involve certain risks and uncertainties that could
cause actual results to differ from those in the forward-looking
statements. Potential risks and uncertainties include
such factors as the level of business and consumer spending
for electronic products, the amount of sales of the Company's
products, the competitive environment within the electronic
industry, the ability of the Company to continue to expand
its operations, the level of costs incurred in connection
with the Company's expansion efforts and the financial
strength of the Company's customers and suppliers. Investors
are also directed to consider other risks and uncertainties
discussed in documents filed by the Company with the Securities
and Exchange Commission.
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