The ratings on Sanmina Corp. reflect the risks of having a rapid and acquisitive growth strategy and being in the highly competitive electronics industry. These risks are partially offset by the company's 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 from the prior year, exceeding $4.2 billion in the year ended December 2000, as a result of four acquisitions in 2000 that bolstered its business position as the largest manufacturer of printed circuit board assemblies in the United States. Sanmina has been able to maintain its operating profitability while it absorbed its
