USI Announces Completion of Acquisition of Asteelflash

SHANGHAI, Dec. 3, 2020 /PRNewswire/ -- Universal Scientific Industrial (Shanghai) Co., Ltd. ("USI", SSE: 601231), a world-leading company in electronic design, manufacturing services, and modularization solution, is pleased to announce today that it has successfully completed the acquisition (the "Acquisition") of Asteelflash Group ("Asteelflash") through the acquisition of its parent company, Financière AFG S.A.S. As a result, USI will control a bigger platform with a global footprint of 27 manufacturing locations in 10 countries, over 24,000 employees and a combined revenue of over US$7 billion.

Following the Acquisition, Asteelflash's current management team will remain with the company. USI and Asteelflash will, through two companies' consolidated global footprint and technological capabilities, create more value by targeting new end-market segments and customers. The Acquisition will help USI accelerate its expansion of overseas manufacturing sites and operational systems to meet the market demand in Europe and the U.S., thereby winning an upper hand in the evolving new multipolar world, whereby a restructuring of global supply chain is undergoing. From a business development perspective, the Acquisition will optimize and diversify USI's present customer portfolio and revenue composition, contributing to a worldwide business expansion in the future. Asteelflash, on the other hand, will leverage USI's technological capabilities to capture business opportunities from its major customers, aiming to boost its business growth to become emerging regional champions.

"The acquisition of Asteelflash is a critical step for USI to implement the 'modularization, diversification, and globalization' strategy," said Jeffrey Chen, Chairman of USI. "After the signing of the acquisition agreement, in response to the COVID-19 pandemic, Asteelflash adjusted its operations to effectively control cost, and has performed well overall. After closing, I believe that USI and Asteelflash management team will quickly implement the intended synergy plan, including sales, supply chain management and technology collaboration. We will work together to jointly expand our world leadership position to further improve our service to our global customers' needs with localized operations and attract global talents to enhance our core competitiveness to achieve a sustainable development goal," concluded Chen.

"This is a new milestone for Asteelflash and we are excited to join the USI family. USI and Asteelflash's respective know-how will help us grow together, being more influential in an increasingly competitive marketplace. Together, we will broaden our capabilities, resources, and expertise to create new opportunities and serve our customers' stringent needs with the highest level of quality," said Gilles Benhamou, CEO of Asteelflash.

About USI

USI (SSE: 601231, A constituent of CSI300 Index), Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System in Package) modules. USI provides D (MS)² product services: Design, Manufacturing, Miniaturization, Industrial software and hardware Solutions, and material procurement, logistics and maintenance Services. With Asteelflash, USI has 27 sales, production and service locations across four continents of America, Europe, Asia and Africa, and offers customer diversified products in the sectors of wireless communication, computer and storage, consumer, industrial, medical and automotive electronics worldwide. USI is one of subsidiaries of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX) which is a world leading provider of semiconductor manufacturing services in assembly and test. To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.

About Asteelflash

Asteelflash is a global electronic manufacturing services company dedicated to the automotive, energy management, Internet of Things (IoT), industrial, consumer, defense, aerospace and data processing industries. Asteelflash recorded US$1 billion revenue in 2018, ranking as the second largest EMS Company in Europe. With 17 manufacturing sites spread across 8 countries including France, Germany, the UK, the Czech Republic, China, Tunisia, the United States and Mexico and employing approximately 5,200 employees worldwide, Asteelflash boasts unique regional experience and quick-turn manufacturing capabilities in Europe and North Africa. Asteelflash serves more than 250 clients worldwide, with most of its revenue and earnings derived from industrial products, automotive, energy management, cloud computing, consumer and smart technology devices. The company website is www.asteelflash.com