Ratings reflect risks associated with a rapid acquisitive growth strategy in the highly competitive electronics industry, partially offset by consistent operating performance, improved industry position and moderate financial profile. San Jose, Calif.-based Sanmina is a leading electronic manufacturing services (EMS) provider, primarily serving the telecommunications and data communications industries. Sales of Sanmina more than doubled to exceed $3.9 billion in the fiscal year ended Sept. 30, 2000, due to four acquisitions in 2000, that bolstered its business position as the largest manufacturer of printed circuit board assemblies in the United States. Sanmina maintained operating profitability while absorbing acquisitions. Operating performance has been consistently good, despite rapid growth and consolidating end markets. Strong customer relationships in the growing telecommunications sector, with
