KKR Announces Appointment of Michael E. Marks
as a Member of the Firm
New York, NY and Menlo Park, CA, December
7, 2005 – Kohlberg Kravis Roberts
& Co. (KKR) announced today that it has
appointed Michael E. Marks as a Member of the
Firm. Mr. Marks will join the Firm on January
1, 2006 following his retirement as Chief Executive
Officer of Flextronics, a leading global Electronics
Manufacturing Services (EMS) provider, as part
of a planned succession process. At that time,
Mr. Marks will assume the position of non-executive
Chairman of Flextronics.
Henry R. Kravis and George R. Roberts, Founding
Members of KKR, said, “Michael Marks is
a true visionary. His outstanding track record
in creating value and a broad network of contacts
in the technology industry combined with his
extensive experience across Asia will be tremendous
assets for KKR as we focus on building a premier
technology portfolio in the private equity business.”
Under Mr. Marks’ leadership, Flextronics
became the global leader in the EMS industry,
with revenues of $15.9 billion in fiscal 2005,
more than 100 facilities and nearly 100,000
employees in over 30 countries on five continents.
During his tenure as CEO, Mr. Marks executed
a significant turnaround for Flextronics and
influenced the evolution of the industry as
a whole. Having led over 70 acquisitions, including
the establishment of substantial operations
in China and India, Mr. Marks successfully steered
Flextronics to a more diversified, integrated
business model that builds on core manufacturing
capabilities to include complete vertically-integrated
services such as design, logistics and components.
Mr. Marks stated, “In recent years, the
technology sector has emerged as an area of
great potential for private equity investment.
KKR’s proven philosophy of partnering
with management to invest in key areas of a
business with the objective of long-term growth
will be a formula for success in technology
investing in the years to come. I could not
be happier to have the opportunity to work alongside
KKR’s enormously talented professionals
to establish the firm as a leading investor
in the sector.”
KKR has committed approximately $1 billion
to technology businesses in the last six months.
These investments include SunGard Data Systems
and Avago Technologies (the Semiconductor Products
Group of Agilent Technologies, Inc.). SunGard
and Avago are considered the two largest private
equity technology investments in history, with
transaction prices of $11.4 billion and $2.7
billion, respectively. Past KKR technology industry
investments include: Amphenol, RELTEC, Wincor
Nixdorf, Tenovis, and Zhone Technologies.
Prior to joining Flextronics in 1994, Mr. Marks
was President and CEO of Metcal, Inc., a precision
heating instrument company in Menlo Park, CA.
He became a Director of Flextronics in 1991.
Mr. Marks received a B.A. and M.A. from Oberlin
College and an M.B.A. from Harvard Business
School.
About KKR
Kohlberg Kravis Roberts & Co. (KKR) is one
of the world's oldest and most experienced private
equity firms specializing in management buyouts.
Founded in 1976, it has offices in New York,
Menlo Park, California, London, Paris and Hong
Kong. Over the past 29 years, KKR has invested
in more than 130 transactions with a total value
of over US$162 billion. For more information,
please visit www.kkr.com.
CONTACTS:
Kekst and Company
Lin Wu / Molly Morse (212) 521-4869/4826
lin-wu@kekst.com
molly-morse@kekst.com
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