SMTC Appointment of New Vice President & General Manager for Their Mexico Manufacturing Facility
TORONTO, Jan. 17, 2013 (GLOBE NEWSWIRE) -- SMTC Corporation (SMTX) ("SMTC"), a global electronics manufacturing services provider, announced they have appointed Fernando Ibanez as Vice President and General Manager of their Mexican manufacturing facility in Chihuahua. Mr. Ibanez has over 30 years of experience in senior leadership positions in electronics manufacturing in Mexico, China and the USA. Prior to joining SMTC, Mr. Ibanez was Vice President and General Manager for a tier one electronics manufacturing services provider in Monterrey, Mexico, where he won numerous quality awards. Mr. Ibanez is an expert in lean manufacturing, holds a Six Sigma Black Belt and has a proven track record in driving exceptional quality standards and operating performance for global customers. He also holds an Engineering degree, an MBA and a PhD in Organizational Change from Pepperdine University in California.
"Fernando will be a key member of SMTC's leadership team, with in-depth knowledge of the EMS industry and the high quality standards we have to deliver to our global customers," said Alex Walker, Co-Chief Executive Officer of SMTC. "I am confident that under Fernando's leadership, the SMTC Chihuahua team will drive industry leading operational performance in Mexico. His hiring is also consistent with our mandate of attracting, retaining and motivating the best possible talent here at SMTC."
Claude Germain, Co-Chief Executive Officer, added, "The hiring of Fernando is consistent with key elements of our 2013 strategic plan, notably a focus on lean manufacturing and improved quality. With a strong revenue growth year in 2012 behind us, we are focused on improving gross margins and cash flow in 2013. Our aim is to realize improved operating leverage, targeting 10-11% gross margins, 5-6% adjusted EBITDA, >18% returns on our working capital, and cash cycles of 60 days or better. Top-grading our talent with the addition of Fernando will help us achieve our targets."
About SMTC Corporation: SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC facilities span a broad footprint in the United States, Canada, Mexico, and China, with more than 2,300 employees. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments. SMTC was recognized in 2012 by Frost & Sullivan with the Global EMS Award for Product Quality Leadership.
SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq Global Market under the symbol SMTX. For further information on SMTC Corporation, please visit our website at www.smtc.com .
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Note for Investors: The statements contained in this release that are not purely historical, including our expectations regarding continued revenue and earnings growth in 2013, are forward-looking statements which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward looking terminology such as "believes", "expect", "may", "should", "would", "will", "intends", "plans", "estimates", "anticipates" and similar words, and include, but are not limited to, statements regarding the expectations, intentions or strategies of SMTC Corporation. For these statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. Risks and uncertainties that may cause future results to differ from forward-looking statements include the challenges of managing quickly expanding operations and integrating acquired companies, fluctuations in demand for customers' products and changes in customers' product sources, competition in the EMS industry, component shortages, and others discussed in the Company's most recent filings with securities regulators in the United States and Canada. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
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Source: SMTC Corporation 2013 GlobeNewswire, Inc.