Flextronics Comments on Nortel Announcement

Flextronics said it has been proactively engaged in executing a risk mitigation plan with respect to its relationship with Nortel for a period of several months. Last month, the company engaged The Blackstone Group as its financial advisor to assist with evaluating the Nortel relationship and planning for any Nortel restructuring strategy. As part of its risk mitigation plan, Flextronics entered into an amendment to its relationship agreement with Nortel to address Electronics’ status as a strategic supplier.
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