Celetron Raises $48 Million from Blue-Chip Investors

SIMI VALLEY, CA (May 14, 2001) – Celetron International, Ltd., a leading electronic and optical manufacturing services (EMS and OMS) provider, announced today that it has raised $48 million in growth capital from a group of investors that includes New Enterprise Associates, Golden Gate Capital, Baring Asia Private Equity Fund II, Alta Partners and a strategic corporate investor.

Celetron is India’s largest exporter of electronics, with over 20 years of experience in delivering complete end-to-end solutions for electronic OEMs. As a technology leader, the Company focuses on providing world-class engineering solutions in a cost-effective manner. Celetron’s services include: precision electro-mechanical assembly (including optical packaging); PCB and memory-module test and assembly; the manufacture of power conversion equipment and RFID products; box-build and systems integration; and the supply of design, engineering, and other prototype services. Its manufacturing operations (with fulfilment facilities in Asia, the United States, and Europe) are ISO 9002 certified and are principally located in India and Sri Lanka, consisting of approximately 500,000 square feet of assembly capacity, including 300,000 square feet of Class-100 clean-rooms. Celetron employs over 5,000 employees, including approximately 500 engineers, giving it one of the lowest-cost and industry-leading engineering capabilities in the EMS and OMS markets.

Jugi Tandon, Celetron’s Chief Executive Officer, states: “This capital will enable Celetron to accelerate its growth across all our service areas, including optical packaging, power supply design and manufacturing, memory module test and assembly, production of turn-key RFID products, and full systems integration. In addition, we are extremely pleased with the quality of our investor base, which represents some of the leading private equity firms in the USA and Asia. With these resources, Celetron is well positioned to become a truly differentiated player in the EMS and OMS space.”

C. Richard Kramlich, General Managing Partner of New Enterprise Associates comments, “We have long respected the management team of Celetron and view them as ideal partners. They have extensive experience working with OEMs and understand the service levels required by their customers to truly excel. Given the breadth of the Company’s service offering, we expect them to become an increasingly strategic asset to their customers.”

Adds Prescott Ashe, a Managing Director of Golden Gate Capital: “The human and technical resources at Celetron are unique and represent an excellent platform for creating a full-service, global EMS and OMS player. OEMs looking to outsource will find its industry-leading cost position, coupled with its engineering content, a very compelling value proposition.”

About the investor group: New Enterprise Associates is a leading venture capital firm with $4.8 billion in capital, specializing in information technology and life sciences. Golden Gate Capital is a San Francisco-based private equity firm with approximately $700 million of capital under management. Baring Asia Private Equity Fund II is a leading Asian private equity fund with approximately $600 million of capital under management with offices throughout Asia and Silicon Valley. Alta Partners is a San Francisco-based venture capital firm with approximately $1 billion under management.