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July 26, 2024 – Plexus Corp. (NASDAQ: PLXS), a global leader that partners with companies to create the products that build a better world, celebrates a significant milestone today with the groundbreaking ceremony of its sixth facility in Penang, Malaysia, located in the Bandar Cassia Technology Park. The state-of-the-art facility, known as “Plexus Bridgeview”, located on a sprawling 20-acre plot, will encompass an impressive 560,000 sq ft cutting-edge infrastructure, estimates investing of RM1bil over the next three years, signals its commitment to growth in Malaysia and within the Asia-Pacific region.

With a footprint established in Malaysia over 20 years ago, Plexus employs more than 10,000 team members across five manufacturing sites and one design center within Penang, Malaysia. This new upscale facility will enable the expansion of their business in Semiconductor Capital Equipment and the ongoing growth of their business supporting leading Healthcare and Life Sciences companies, which supports the Malaysia New Industrial Master Plan 2030. This expansion will also create an estimated 1,800 new employment opportunities of high-skilled jobs in the region.

The Minister of Investment, Trade and Industry (MITI), YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz congratulated the company, stated, “Plexus’ RM1-billion expansion clearly affirms Malaysia’s position not only as a preferred investment destination for tech-based MNCs, but also as a country that is serious about the swift implementation of investors’ commitments. In line with the targets of the New Industrial Master Plan (NIMP) 2030, this project will create a ripple effect by generating highskilled job opportunities and developing our E&E supply chain ecosystem to serve a growing global semiconductor, and healthcare device markets. This also supports our efforts in positioning Malaysia as a regional manufacturing and services hub for ASEAN and Asia.”

Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of the MIDA, commented, “MIDA is thrilled to see Plexus’ trust and commitment to expanding its operations in Malaysia with the establishment of its sixth manufacturing plant. Our country’s robust electrical and electronics (E&E) ecosystem, the exceptional capabilities of our local talent, and our well-developed semiconductor supply chain provide the perfect foundation for investors like Plexus. We are buoyed by the opportunities this investment will bring for Plexus, the local community, and the industry, and we look forward to Plexus’ continued advancement in Malaysia.”

Dato’ Loo Lee Lian, Chief Executive Officer of InvestPenang (representing Chief Minister of Penang, Right Honorable Mr. Chow Kon Yeow), stated, “Today marks a significant milestone for Plexus to ground break its sixth manufacturing site. I am grateful to Plexus for continuing to select Penang as your choice of location to expand your operations, which highlights the confidence Plexus places in Penang’s existing robust industrial ecosystem, which enables the company to thrive and grow.”

Mr. Victor Tan, Plexus’ Regional President – APAC, stated “The establishment of the new Plexus Bridgeview facility demonstrates our commitment to growth within the region, and provides a strong opportunity to meet the growing needs of our valued customers. We are grateful for the facilitation and continued support of MITI, MIDA, InvestPenang, and our key suppliers to help enable these important milestones on Plexus’ growth journey.”

Plexus is committed to sustainability throughout their global business operations. The company continues to elevate the standards of business conduct and integrate sustainable and responsible business practices into its enduring strategy. Through focused efforts around product impact, environmental impact, social impact and sound corporate governance, the company is able to deliver differentiated value to various stakeholders.

In support of being a sustainable and responsible business partner, Plexus contributes to non-profit causes within Malaysia communities and encourages employee volunteerism through charitable giving initiatives, STEM education sponsorships and collaborations. In addition, as one effort to highlight how they are reducing the carbon footprint, the company has installed solar panels at the Plexus Islandview and Seaside facilities, and will continue to do so for all remaining facilities by end of 2024.

Plexus is excited to embark on this ambitious endeavor of a new facility, and is looking forward to realizing the vision of Malaysia’s New Industrial Master Plan 2030 in service of fulfilling the company’s vision of helping create the products that build a better world.

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About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

About Plexus
Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 20,000 individuals who are dedicated to providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing and Sustaining Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading companies by providing innovative, comprehensive solutions throughout a product’s lifecycle. For more information about Plexus, visit our website at www.plexus.com.

About InvestPenang
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs) and Penang CAT Center (for talent attraction and retention). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook; LinkedIn.

MIDA
Ms. Noor Suziyanti Saad
Director, Electrical and Electronics Division, MIDA
Email: suziyanti@mida.gov.my
Tel: +603-2267 3575

Plexus
Media Contact in Penang, Malaysia
Josephine Jalleh
+60.4.632.2523
Josephine.Jalleh@plexus.com

Investor Contact
Shawn Harrison
+1.920.969.6325
shawn.harrison@plexus.com 

InvestPenang
Communications & Business Intelligence
Elaine Cheah / Arief Ferdaus
+604 6468 833
elaine@investpenang.gov.my / arief@investpenang.gov.my

Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; the effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets; the effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risks of concentration of work for certain customers; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the effects of start-up costs of new programs and facilities or the costs associated with the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and tax matters in the United States and in the other countries in which we do business; the potential effect of other world or local events or other events outside our control (such as the conflict between Russia and Ukraine, conflict in the Middle East, escalating tensions between China and Taiwan or China and the United States, changes in energy prices, terrorism, global health epidemics and weather events); the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2023 Form 10-K.