Meet Flex One Of The Most Crucial Companies You May Not Be Familiar With
Meet Flex One Of The Most Crucial Companies You May Not Be Familiar With
As a tech analyst, I am always on the lookout for new, innovative companies to track that are making a difference in technology. Sometimes new actually means new, but many times it means new to the general public—companies who have flown under the radar, but nevertheless became incredibly successful at what they do. One tech company is Flex—a $26B electronics manufacturing services and supply chain logistics company that sits pretty on the Global Fortune 500 list. Ever heard of it? If not, you’re probably not alone. Today I wanted to provide an introduction to the company for the unfamiliar because it’s a company that has gotten increasingly important during the ongoing global COVID-19 crisis and is vital to tech. Let’s take a closer look. Flex was initially founded way back in 1969, under the moniker Flextronics, Inc., in Silicon Valley. Its original charter was to provide overflow manufacturing of printed circuit boards for companies based in Silicon Valley. Over the next several decades, the company broadened its scope to become a contract electronics manufacturing firm, pioneering automated manufacturing techniques, and becoming the first American manufacturer to construct an offshore manufacturing facility in Singapore. Through the acquisition of other manufacturers, Flextronics expanded its global footprint to become the third-largest electronics manufacturing services and original design manufacture company in the world (in terms of revenue, as of 2017). It now boasts manufacturing operations in 30+ countries and employs roughly 160,000 people. In 2015, the company shortened its name to Flex. Flex’s mission statements are as follows:· “Make great products for our customers that create value and improve people’s lives.”· “Steward sustainable manufacturing and operations practices to minimize environmental impact.”To do this, it employs many advanced manufacturing techniques, including automation and robotics, simulation and software and additive manufacturing. Flex plays in quite a few areas, providing complete design, engineering, and manufacturing services to fields including aerospace, automotive, computing, industrial, consumer, infrastructure, medical, and more. CEO Revathi Advaithi put it succinctly this way: “Name an end market—we probably are in it.”Of particular importance at this current global moment is its involvement in the medical sector, where it claims a spot in the Top 15 global manufacturers of medical devices. Unless you’ve been living under a rock, you probably have heard about the potential shortages of life-saving ventilators in hospitals overloaded with critical COVID-19 patients. Turns out Flex makes those—furthermore, the company says that this year alone, it will manufacture over 35,000 of these ventilators. That is more than the total amount of ventilators built by all the other global manufacturers last year combined.
All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/moorinsights/2020/06/22/meet-flex-one-of-the-most-crucial-companies-you-may-not-be-familiar-with/
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