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Item 1. Business

2023-11-16 compared with 2022-11-10 · 113 added, 133 removed, 312 unchanged (44% of the section changed)

Sanmina Corporation (“we” or “Sanmina” or the “Company”) is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services.

We provide these comprehensive offerings primarily to original equipment manufacturers, or OEMs, in the following industries:

We provide these comprehensive offerings primarily to original equipment manufacturers (“OEMs”) in the following industries:

industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure.

Our customer-focused organization with 34,000 employees supports our customers from 21 countries on four continents.

We locate our facilities near our customers and their end markets in major centers for the electronics industry or in lower-cost locations.

The combination of our advanced technologies, extensive manufacturing expertise and economies of scale enables us to meet the specialized needs of our customers.

We were originally incorporated in Delaware in May 1989.

Our end-to-end solutions, combined with our global expertise in supply chain management, enable us to manage our customers' products throughout their life cycles.

All references in this report to years refer to our fiscal years unless otherwise noted.

Our end-to-end solutions, combined with our global supply chain management expertise, allow us to manage our customers' products throughout their life cycles.

These solutions include:

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• global supply chain management.

We operate in the Electronics Manufacturing Services (EMS) industry and manage our operations as two businesses:

We manage our operations as two businesses:

1) Integrated Manufacturing Solutions (“IMS”).

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2) Components, Products and Services (“CPS”).

Components include printed circuit boards, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts.

Products include memory solutions from our Viking Technology division;

high-performance storage platforms for hyperscale and enterprise solutions from our Viking Enterprise Solutions (VES) division;

optical, radio frequency (RF) and microelectronic (microE) design and manufacturing services from Advanced Microsystems Technologies;

defense and aerospace products from SCI Technology;

and cloud-based manufacturing execution software from our 42Q division.

Components include advanced printed circuit boards (“PCBs”), backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts.

Products include optical, radio frequency (“RF”) and microelectronic design and manufacturing services from our Advanced Microsystems Technologies division;

multi-chip package memory solutions from our Viking Technology division;

high-performance storage platforms for hyperscale and enterprise solutions from our Viking Enterprise Solutions division;

defense and aerospace products, design, manufacturing, repair and refurbishment services from our SCI Technology, Inc.

(“SCI”) subsidiary;

and cloud-based smart manufacturing execution software from our 42Q division.

Services include design, engineering, and logistics and repair.

CPS generated approximately 20% of our total revenue in 2023.

We service our customers from 24 countries on five continents.

We locate our facilities near our customers and their end markets in major centers for the electronics industry or in lower cost locations.

Many of our operations located near our customers and their end markets are focused primarily on new product introduction, lower-volume, higher-complexity component and subsystem manufacturing and assembly, and high-level assembly and test.

Our operations located in lower cost areas engage primarily in higher-volume component and subsystem manufacturing and assembly for both higher and lower complexity products.

As one of the largest global manufacturing solutions providers, we are able to capitalize on our competitive strengths including our:

• customer-focused organization with 34,000 employees;

• mission critical end-to-end solutions;

• product design and engineering resources;

• vertically integrated global/regional manufacturing capabilities;

• comprehensive IT systems and flexible global supplier base;

• expertise in serving diverse end markets;

• expertise in industry standards and regulatory requirements.

We target markets that we believe offer significant growth opportunities and in which OEMs sell complex mission critical products that are subject to strict regulatory requirements and/or rapid technological change.

We believe these markets offer an opportunity to deliver higher margins as they require higher value-added manufacturing services and provide better opportunities for us to sell customers our advanced vertically integrated components.

In addition, diversification across market segments and customers helps mitigate our dependency on any market or customer.

We report our end markets as follows:

1) Industrial, Medical, Defense and Aerospace, and Automotive:

Security and safety, industrial power inverters, renewable energy (solar and wind), LED lighting, EV chargers, smart meters, airport security, test and measurement, warehouse asset management equipment, semiconductor equipment and heavy machinery.

Lab diagnostic, patient monitoring, medical imaging, disposable glucose sensors and insulin pumps, glucose meters, genome sequencing, ventilators and medication delivery.

Defense and Aerospace.

Aircraft systems, tactical and secure network communications systems, unmanned aerial systems, and counter-unmanned aerial systems.

Autonomous and advanced driver assistance systems computing and sensing, Light Detection and Ranging (“LIDAR”) and radar systems, e-motor power management, infotainment, safety systems and electronic control systems.

2) Communications Networks and Cloud Infrastructure:

Networking, IP routing, advanced optical systems and transceivers, 5G and other wireless systems, data center applications, edge solutions, enterprise computing and storage.

Industry Overview

EMS companies are the principal beneficiaries of the increased use of outsourced manufacturing services by the electronics and other industries.

Outsourced manufacturing refers to an OEM's use of EMS companies to manufacture their products, rather than using internal manufacturing resources.

As the EMS industry has evolved, OEMs have increased their reliance on EMS companies for end-to-end services including product design and engineering, manufacturing, high-level assembly and test, direct-order-fulfillment and logistics services, after-market product service and support, and global supply chain management.

We believe OEMs will continue to outsource manufacturing because it allows them to:

• focus on core competencies;

The industry in which we operate has historically been comprised of companies that provide a range of design and manufacturing services to companies that utilize electronic components in their products.

In recent years, the industry has expanded to respond to customer demands for products and services beyond electronic components, including product design and engineering, manufacturing, high-level assembly and test, direct order fulfillment and logistics services, after-market product services and support, and global supply chain management.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

Over the long term, we believe our customers and potential customers rely on our industry’s services to:

• focus on their core competencies;

• access leading design and engineering capabilities;

• optimize their supply chain while reducing risk and maximizing purchasing power;

• reduce operating costs and capital investment;

• reduce their fixed and operating costs and capital investment;

• access global manufacturing services;

• accelerate time to market.

• accelerate their time to market and time to volume.

We believe each of our market sectors is high value and well-aligned with our expertise in more complex and highly-regulated products.

This provides us with an opportunity for increased value-add, higher profitability and greater market share as we seek to capitalize on increased outsourcing in our served markets.

Our Business Strategy

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Our vertically integrated manufacturing solutions enable us to manufacture additional system components and subassemblies for our customers.

When we provide a customer with a number of services, such as component manufacturing or higher value-added solutions, we can often improve our margins and profitability.

When we provide a customer with multiple services, such as component manufacturing or higher value-added solutions, we can often improve our margins and profitability.

Consequently, our goal is to increase the number of manufacturing programs for which we provide multiple solutions.

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We rely on advanced processes and technologies to provide our products, components and vertically integrated manufacturing solutions.

We continually improve our manufacturing processes and develop more advanced technologies, providing a competitive advantage to our customers.

We continually improve our manufacturing processes and develop more advanced technologies, providing a competitive advantage for our customers.

We work with our customers to anticipate their future product and manufacturing requirements and align our technology investment activities with their needs.

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Continuing to Penetrate Diverse End Markets.

We focus our marketing and sales efforts on major end markets within the electronics technology industry.

We target markets we believe offer significant growth opportunities and for which OEMs sell mission critical products that are subject to strict regulatory requirements and/or rapid technological change because the

manufacturing of these products requires higher value-added services.

We seek to diversify our business across market segments and customers to reduce our dependence on any particular market or customer.

We focus our marketing and sales efforts on end markets that we believe offer significant growth opportunities and for which OEMs sell mission critical products that are subject to strict regulatory requirements and/or rapid technological change because the manufacturing of these products requires higher value-added services.

We have invested in technologies and capabilities that further strengthen our value proposition in industries such as industrial, medical, defense and aerospace, and automotive.

Our market focused approach increases our customers’ competitiveness by leveraging our vertical capabilities, industry expertise, global scale and regional presence, and global IT systems.

Pursuing Strategic Transactions.

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We seek to optimize our facilities to provide cost-effective services for our customers.

We continue to invest in factory automation, process improvements, robotics and AI to further enhance our efficiency output.

We maintain extensive operations in lower cost locations, including Latin America, Eastern Europe, China, Southeast Asia and India, and we plan to expand our presence in these lower cost locations as appropriate to meet the needs of our customers.

We continue to invest in factory automation, process improvements, robotics and artificial intelligence (“AI”) to further enhance our efficiency output.

We maintain extensive operations in lower-cost locations and we plan to expand our presence as appropriate to meet the needs of our customers.

We believe we are well positioned to take advantage of future opportunities on a global/regional basis.

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Our competitive strengths include:

Customer-Focused Organization.

We target customers that are leaders in their industries and value our superior capabilities in design, manufacturing and supply chain services.

We focus on high growth industries and markets where we have distinctive competence and unique value proposition.

We believe customer relationships are critical to our success and we are focused on providing a high level of customer service.

Account teams led by global account managers are directly responsible for account management.

Global account managers coordinate the additional resources required to facilitate customer-specific solutions.

These teams may include subject matter experts in design, specific technology components, services, products, and supply chain.

These teams create a hub for interaction between the customer and our locations, providing local support to customers worldwide.

End-to-End Solutions.

We provide solutions throughout the world to support our customers' products during their entire life cycle, from product design and engineering, through manufacturing, to direct order fulfillment, logistics and after-market product service and support.

Our end-to-end solutions are among the most comprehensive in the industry because we focus on adding value before and after the actual manufacturing of our customers' products.

These solutions also enable us to 1) provide our customers with a single source of supply for their design, supply chain and manufacturing needs, 2) reduce the time required to bring products to market and 3) lower product costs, while allowing our customers to focus on those activities they expect to add the highest value to their business.

We believe our end-to-end solutions are among the most comprehensive in the industry because we focus on adding value before, during and after the actual manufacturing of our customers' products.

These solutions also enable us to 1) provide our customers with a single source of supply for their design, supply chain and manufacturing needs, 2) accelerate time to market and time to volume production and 3) lower product costs, while allowing our customers to focus on those activities they expect to add the highest value to their business.

We believe our end-to-end solutions allow us to develop closer relationships with our customers and more effectively compete for their future business.

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We design high-speed digital, analog, radio frequency, mixed-signal, wired, wireless, optical and electro-mechanical modules and systems.

Our engineering engagement models include Joint Design Manufacturing (JDM), Contract Design Manufacturing (CDM) and consulting engineering for DFx, Value Engineering (cost reduction re-design), and design for global environmental compliance regulations such as the European Union's Restrictions of Hazardous Substances (RoHS) and Waste Electrical and Electronic Equipment (WEEE).

We focus on industry segments that include industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure.

System solutions for these industry segments are supported by our vertically integrated component technologies, namely printed circuit boards, backplanes, enclosures, cable assemblies, precision machining, plastics, memory modules, and optical, RF and microelectronics modules.

In these engagement models, our customers bring market knowledge and product requirements and we provide complete design engineering and new product introductions (NPI) services.

Our engineering engagement models include Joint Design Manufacturing (“JDM”), Contract Design Manufacturing (“CDM”) and consulting engineering for DFx and Value Engineering (cost reduction re-design).

In these engagement models, our customers bring market knowledge and product requirements and we provide complete design engineering and new product introductions services.

For JDM products, the intellectual property is typically jointly owned by us and the customer, and we perform manufacturing and logistics services.

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Our customers benefit significantly from our experience in these areas, including product cost reduction, minimization of assets deployed for manufacturing, accelerated time-to-market and a simplified supply chain.

Key system components we manufacture include high-technology printed circuit boards and printed circuit board assemblies, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, plastic injected molded parts, and optical and RF modules and memory modules.

Key system components we manufacture include high-technology printed circuit boards, printed circuit board assemblies, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, plastic injected molded parts, memory modules, and optical, RF microelectronics modules.

These components and sub-assemblies are integrated into a final product or system, configured and tested to our customer’s or the end-customer’s specifications and delivered to the final point of use, with us managing the entire supply chain.

By manufacturing system components and subassemblies ourselves, we enhance continuity of supply and reduce costs for our customers.

Customers also benefit from our combined design, technology and manufacturing experience with specific products and markets.

For example, in communications networks, we have over 40 years of experience in developing high-speed printed circuit boards (PCBs) and backplanes.

Examples of products for which our experience and vertically integrated model provide competitive advantage include wireless base stations, network switches, routers and gateways, optical switches, servers and storage appliances, automotive products, avionics and satellite systems, magnetic resonance imaging (MRI) and computer tomography (CT) scanners, and equipment used in semiconductor manufacturing processes, including equipment for photolithography, chemical mechanical polishing, vapor deposition and robotics for wafer transfer.

For these and many other products, customers can gain a competitive advantage with our manufacturing technology, while reducing the capital requirements associated with manufacturing and global supply chain management.

Advanced Component Technologies.

We provide advanced component technologies, which we believe allow us to differentiate ourselves from our competitors.

These advanced technologies include the fabrication of complex printed circuit boards, backplanes and backplane assemblies, cable assemblies fabricated metal parts, precision machined parts, plastic injected molded parts, memory modules, and optical, RF and microelectronics modules.

For example, we produce some of the most advanced printed circuit boards and backplanes in the world that are manufactured with a range of low signal loss, high-performance materials and include features such as buried capacitance and thin-film resistors, high-density interconnects and micro via technology.

We also manufacture high-density rigid-flex printed circuit boards with up to 32 layers and 8 transition layers for the defense and aerospace markets and high-end medical electronics market.

Our printed circuit board assembly technologies include micro ball grid arrays, chip scale packages, fine-pitch discretes and small form factor radio frequency and optical components, chip on board, as well as advanced packaging technologies used in high pin count applications for specific integrated circuits and network processors.

We use innovative design solutions and advanced metal forming techniques to develop and fabricate high-performance indoor and outdoor chassis, enclosures, racks and frames.

Our assembly services use advanced technologies, including precision optical alignment, multi-axis precision stages and machine vision technologies.

We use sophisticated procurement and production management tools to manage inventories for our customers and ourselves as effectively as possible.

We have also developed build-to-order (BTO) and configure-to-order (CTO) systems and processes that enable us to manufacture and ship finished systems in as little as 8 hours after receipt of an order.

These advanced technologies include the fabrication of complex printed circuit boards, printed circuit board assemblies, backplanes and backplane assemblies, cable assemblies fabricated metal parts, precision machined parts, plastic injected molded parts, memory modules, and optical, RF and microelectronics modules.

We utilize a centralized Technology Council to coordinate the development and introduction of new technologies to meet our customers' needs in various locations and to increase technical collaboration among our facilities and divisions.

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Most of our customers compete and sell their products on a global basis.

As such, they require global solutions that include regional manufacturing for selected end markets, especially when time to market, local manufacturing or content and low cost solutions are critical objectives.

Our global network of manufacturing facilities provides our customers a combination of sites to maximize both the benefits of regional and low cost manufacturing solutions and repair services.

As such, they require global solutions that include regional manufacturing for selected end markets, especially when time to market, local manufacturing or content and best cost solutions are critical objectives.

Our global network of manufacturing facilities provides our customers a combination of sites to maximize both the benefits of regional and best cost manufacturing solutions and repair services.

In addition to our manufacturing and repair locations, we support our customers’ logistics and repair requirements through a certified partner network.

Comprehensive IT Systems and Global Supply Chain Management.

To manage and coordinate our global operations, we employ an enterprise-wide Enterprise Resource Planning (“ERP”) system at substantially all of our manufacturing locations that operates on a single IT platform and provides us with company-wide inventory planning and purchasing capabilities.

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We collaborate with our customers to enable us to respond to their changing component requirements and to reflect any changes in these requirements in our ERP system.

This system enables us to forecast

future supply and demand imbalances and develop strategies to help our customers manage their component requirements, especially during supply shortages that have affected our industry in the recent past.

This system enables us to forecast future supply and demand imbalances and develop strategies to help our customers manage their component requirements, especially during supply shortages that have affected our industry in the recent past.

Our enterprise-wide ERP systems provide us with company-wide information regarding component inventories and orders to help optimize inventories, planning and purchasing at the facility level.

Customer-Focused Organization .

We believe customer relationships are critical to our success and we are focused on providing a high level of customer service.

Account teams led by global account managers are directly responsible for account management.

Global account managers coordinate the additional resources required to facilitate customer-specific solutions.

As needed, these teams may include subject matter experts in design, specific technology components, services, products, and supply chain.

These teams create the hub for interaction between the customer and our locations, providing local support to customers worldwide.

Expertise in Serving Diverse End Markets.

We have experience in serving customers in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure end markets.

Our diversification across end markets reduces our dependence upon any one customer or end market.

In order to service to the specialized needs of customers in particular market segments, we have dedicated personnel, and in some cases facilities, with industry-specific capabilities and expertise.

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Our Products and Solutions

We offer our OEM customers a diverse set of products and solutions with a focus on wireless, wireline and optical communications and network infrastructure equipment, such as switches, routers and base stations, computing and storage systems, defense and commercial avionics and communications, medical imaging, diagnostic and patient monitoring systems, semiconductor tools for metrology, lithography, dry and wet processing, industrial products, including large format printers and automated teller machines, energy and clean technology products such as solar and wind energy components, LED lighting, smart meters and battery systems, electric vehicle power control (and charging) systems, automotive infotainment devices, and automotive engine-control modules.

These products may require us to use some or all of our end-to-end solutions, including design, component technologies and logistics and repair services.

Integrated Manufacturing Solutions includes:

Printed Circuit Board Assembly and Test.

Printed Circuit Board Assembly (“PCBA”) and Test.

To meet the ever-changing needs across our diverse customer base, we continue to evolve in support of their current and future requirements.

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Examples include complex electro-mechanical assemblies, fluid and blood analysis systems, food dispensing equipment, diagnostic medical devices, high-voltage power management systems, rotating x-ray equipment for airport security, particle analyzers for homeland security and motorized magnetic resonance imaging units.

Our facilities also support full system level assembly and test and logistic support for a variety of complex electronic systems, including radio base stations and transmission equipment for 5G wireless networks, optical central offices and wireline switching and routing hardware, server and storage systems for data centers, carriers central offices and video streaming service providers, surgical controllers, ultrasound systems, patient monitoring systems, automotive sensor assemblies, and electric

vehicle power control systems and modules.

With decades of experience in automated system assembly and test, we have focused on glucose meters, disposable sensors, IOT communication modules and disposable drug delivery systems.

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Standardized processes and procedures make transitioning of products easier for our customers.

Our worldwide engineering teams support designers in Design for Manufacturability (DFM) analysis and assemblers with field applications support.

Our worldwide engineering teams support designers in Design for Manufacturability analysis and assemblers with field applications support.

Backplanes and Backplane Assemblies.

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Backplanes provide interconnections for printed circuit board assemblies, power supplies, and other electronic components.

We fabricate backplanes in our printed circuit board factories.

Backplane fabrication is significantly more complex than printed circuit board fabrication due to the large size and thickness of the backplanes.

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We build cable assemblies that are used in power systems typically classified as low and medium voltage.

Our manufacturing footprint with facilities in the U.S., the EU, Mexico and China enables us to support our customers’ NPI and volume production needs on a global basis.

Fabricated Metal Parts.

Parts that are fabricated from metal are often used in sub-assemblies and full enclosures, racks or cabinets that are used to house and protect complex, critical and fragile electronic components, modules and sub-systems so that the system's functional performance is not compromised due to mechanical, environmental or any other use conditions.

Parts that are fabricated from metal are often used in sub-assemblies and full enclosures, racks or cabinets used to house and protect complex, critical and fragile electronic components, modules and sub-systems so that the system's functional performance is not compromised due to mechanical, environmental or any other use conditions.

Our mechanical systems manufacturing services are capable of fabricating mechanical components that range from single parts to complex enclosures, racks or cabinets and we often integrate these with various electronic components and sub-systems including backplane assemblies and cables with power and thermal management, and other sensor and control systems.

Our services often will include overseeing specialist cleaning or surface treatments with our suppliers as well as painting using a variety of techniques in our own facilities.

Precision Machined Parts.

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We use advanced numerically controlled machines enabling the manufacture of components that are machined to very tight tolerances and we often perform further assembly services with these components in clean-room environments.

Our capabilities include complex medium and large format mill and lathe machining of aluminum, stainless steel, plastics, ferrous and nonferrous alloys and exotic alloys.

Our capabilities

include complex medium and large format mill and lathe machining of aluminum, stainless steel, plastics, ferrous and nonferrous alloys and exotic alloys.

We also have helium and hydrostatic leak-test capabilities.

By leveraging our established supply chain, we oversee lapping, anodizing, electrical discharge machining (EDM), heat-treating, cleaning, laser inspection, painting and packaging.

By leveraging our established supply chain, we oversee lapping, anodizing, electrical discharge machining, heat-treating, cleaning, laser inspection, painting and packaging.

We have specialized facilities supporting machining and complex integration with access to a range of state-of-the-art, computer-controlled machining equipment that can satisfy rigorous demands for production and quality and meet very tight tolerance specifications.

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Plastic Injection Molded Parts.

Plastic injection molded parts are used to create a vast array of everyday items, from very small intricate plastic parts to cosmetic enclosures designed to protect sensitive electronic equipment.

Plastic injection molded parts are used to create a vast array of everyday items, from very small intricate plastic parts to enclosures designed to protect sensitive electronic equipment.

Our diverse capability within the plastic injection molding space spans all major markets and industries.

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Our experienced tooling, process, quality and resin engineers work concurrently using a scientific molding approach to develop cost-effective, highly reliable manufacturing solutions for medical, industrial, defense, multimedia, computing and data storage customers.

Strategic relationships with U.S.

and Asian toolmakers allow us to deliver cost-effective high-quality plastic manufacturing solutions.

Advanced Microsystems Technologies .

Optical and radio frequency (RF) components built off of advanced micro-electronics are key building blocks of many systems.

Our Advanced Microsystems Technologies product technology and engineering division focuses on optical, RF and microelectronics (microE) design and manufacturing services.

Our Advanced Microsystems Technologies product technology and engineering division focuses on optical, RF and microelectronics design and manufacturing services.

Our mission is to deliver leading-edge technology solutions that enable our customer products while optimizing the value and performance of our customers’ applications.

Based on our microelectronic design and advanced manufacturing technologies, built off Advanced Microsystems Technologies foundational IP, we provide RF and optical components, modules and systems for customers across many industries including the communications, networking, automotive, medical, industrial, military and aerospace markets.

Within the Advanced Microsystems Technologies Division, we produce both passive and active optical components as well as modules that are built from a combination of industry standard and/or custom components and interconnected using microelectronic and micro-optic technologies to achieve a unique function.

Our experience in RF and optical communication and networking products spans across long-haul/ultra-long-haul and metro applications for transport/transmission, as well as broadband access and switching applications, including last-mile solutions.

We currently supply optical products ranging from 10G to 800G to the optical communication marketplace.

We currently supply a wide range of optical products from 10G to 800G supporting optical communication, AI, high performance computing and data center marketplaces.

For the medical end market, we develop components and subassemblies that support Sanmina’s medical manufacturing operations for products such as blood analyzers, food contamination analyzers, and specialized optical spectrometers and fluorometers utilizing the latest optical technologies.

automotive and industrial end markets, we are working with customers on next generation photonics based Lidar product offerings.

Our Advanced Microsystems Technologies service offerings are designed to deliver end-to-end solutions with special focus on product design, test infrastructure development and commercialization, along with optical module and mmWave RF components and module manufacturing.

Customers can couple these components with Sanmina’s broader IMS services of blade server manufacturing, as well as system integration and test, providing a complete end-to-end solution for their customers.

In the automotive and industrial end markets, we are working with customers on next generation photonics based LIDAR product offerings.

Viking Technology.

Viking Technology supplies leading-edge Solid State Drives (SSD), DRAM memory modules and Non-Volatile DIMMs (NVDIMM), along with state-of-the-art ruggedized Microelectronics Multi-Chip Package (MCP) memory solutions.

Viking Technology provides DRAM memory and flash storage solutions, including high-performance computing SSDs tailored, high reliable / high performance small form factor flash and DRAM modules, to diverse application for the networking, industrial, data center, transportation, medical, AI to military markets.

Our Viking Technology division provides advanced high technology hardware products, such as Solid-State Drives (SSDs), DRAM memory modules, and Non-Volatile DIMMs.

Furthermore, Viking Technology specializes in delivering state-of-the-art ruggedized Microelectronics Multi-Chip Package (MCP) memory solutions.

Viking Technology product offerings cater to the networking, industrial, transportation, medical, AI, data centers, and defense and aerospace markets.

Viking Enterprise Solutions.

Viking Enterprise Solutions (VES) is a market leader in high-performance storage platforms for hyperscale and enterprise data centers worldwide.

Leveraging our portfolio of proven product designs, Viking Enterprise Solutions provides advanced data center products, including NVMe flash memory and disk-based storage server appliances, JBOD storage systems and related products for a variety of storage and data center applications including rack scale solutions.

With advances in interconnect speeds and architectural changes to disaggregate storage and compute for scale, Viking Enterprise Solutions is well positioned with a product portfolio to take advantage of these trends.

VES provides end-to-end, design and manufacturing solutions for both platform-based and fully customized data center products.

From our US-based design and development team, we provide a full array of services from early product conceptualization, through design, product validation and world-wide product certifications.

In addition, VES supports all phases of product manufacturing, including NPI, support for unique product configurations, RMA and product end-of-life support.

SCI Technology Inc.

SCI has provided engineering services, products, manufacturing, test, and depot and repair solutions to the global defense and aerospace industry for nearly 60 years.

Our Viking Enterprise Solutions division (“VES”) is a market leader in high-performance storage platforms for hyperscale and enterprise data centers worldwide.

Leveraging our portfolio of proven product designs, VES provides advanced data center products, including NVMe flash memory and disk-based storage server appliances, JBOD storage systems and related products for a variety of storage and data center applications including rack scale and AI/ML solutions.

With advances in interconnect speeds and architectural changes to disaggregate storage and compute for scale, VES is well positioned with a product portfolio to take advantage of these trends.

Our SCI subsidiary has provided engineering services, products, manufacturing, test, and depot and repair solutions to the global defense and aerospace industry for nearly 60 years.

SCI offers advanced products for aircraft systems and tactical communications, unmanned aerial systems and components, counter-unmanned aerial systems and components, and fiber-optics capabilities for use in a variety of defense-related applications.

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We provide a wide range of services, including new product introduction, high-level assembly, distribution services and warranty management, life-extension services and end-of-life management as well as programs that focus on reuse, repair, refurbishment, recycle, recover and redesign.

42Q provides an innovative, world-class cloud-based manufacturing execution solution (MES) that is scalable, flexible, secure and easy to implement.

Our reverse logistics services include detailed failure analysis and feedback to enhance product design and product quality.

Our IT systems provide full traceability of the product returns, the repair process, component swaps, manufacturing process (when manufactured by Sanmina) and product test results.

Our 42Q division provides an innovative, world-class cloud-based smart manufacturing execution solution that is scalable, flexible, secure and easy to implement.

Our solution provides customers advantages in efficiencies and costs relative to legacy systems and offers traceability and genealogy, multi-plant visibility, compliance management and on-demand work instructions.

Our End Markets

We believe that markets involving complex, rapidly changing products offer opportunities to produce products with higher margins because they require higher value-added manufacturing services and may also include our advanced vertically integrated components.

diversification across the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure market segments and customers helps mitigate our dependence on any particular market or customer.

Because of the diversity of our customer base, we generally have not experienced significant seasonality in our business in recent years.

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Sales to our ten largest customers typically represent approximately 50% of our net sales.

Nokia and Motorola each represented 10% or more of our net sales in 2022.

Nokia represented 10% or more of our net sales in 2023 and 2021.

Nokia and Motorola each represented 10% or more of our net sales in 2022.

We typically enter into supply agreements with our major OEM customers with terms ranging from three to five years.

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In some circumstances, our supply agreements with customers include provisions for cost reduction objectives during the term of the agreement, which can have the effect of reducing revenue and profitability from these arrangements.

Our business is highly competitive.

We compete against numerous domestic and foreign electronic manufacturing service providers, diversified manufacturing service providers and design providers.

For our integrated manufacturing solutions business, we face competition from other major global EMS companies such as Benchmark Electronics, Inc., Celestica, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd.

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We compete with different companies depending on the type of solution or geographic area.

We believe the primary competitive factors in our industry include manufacturing technology, quality, global/regional footprint, delivery, responsiveness, provision of value-added solutions and price.

We believe our primary competitive strengths include our ability to provide mission critical end-to-end solutions, product design and engineering resources, vertically integrated manufacturing solutions, advanced technologies, global manufacturing capabilities, global supplier base, customer focus and responsiveness, expertise in serving diverse end markets, and expertise in industry standards and regulatory requirements.

We believe the primary competitive factors in our industry include manufacturing technology, quality, global/regional footprint, delivery,

responsiveness, provision of value-added solutions and price.

We believe we are extremely competitive with regard to all of these factors.

Intellectual Property

and foreign patents and patent applications relating to, among other things, printed circuit board manufacturing technology, enclosures, cables, memory modules, optical technology, medical devices and computing and

For other proprietary processes, we rely primarily on trade secret protection.

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To date, lead dust remediation costs have not been material to our results of operations.

We also monitor for airborne concentrations of lead in our buildings and are unaware of any significant lead concentrations in excess of the applicable OSHA or other local standards.

We also monitor for airborne concentrations of lead in our buildings and are unaware of any significant lead concentrations that exceed the applicable OSHA or other local standards.

We have a range of corporate programs that aim to reduce the use of hazardous materials in manufacturing.

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WEEE compliance is primarily the responsibility of OEMs.

Asbestos containing materials, or ACM, are present at several of our manufacturing facilities.

Asbestos containing materials (“ACM”) are present at several of our manufacturing facilities.

Although ACM is being managed and controls have been put in place pursuant to ACM operations and maintenance plans, the presence of ACM could give rise to remediation obligations and other liabilities.

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and Brockville, Ontario.

In addition, we have been named in a lawsuit alleging operations at our current and former facilities in Orange County, California contributed to groundwater contamination, and also have ongoing investigation activities at and adjacent to a former facility to determine the extent of any soil, soil vapor, and groundwater contamination.

In addition, we have been found liable in a lawsuit alleging operations at our current and former facilities in Orange County, California contributed to groundwater contamination,

and also have ongoing investigation activities at and adjacent to a former facility to determine the extent of any soil, soil vapor, and groundwater contamination.

Finally, there are some sites, including our acquired facility in Gunzenhausen, Germany, which are known to have groundwater contamination caused by a third-party, and that third-party has provided indemnification to us for the related liability.

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In particular, our sales activities must comply with restrictions relating to the export of controlled technology and sales to denied or sanctioned parties contained in the U.S.

International Traffic in Arms Regulations (ITAR), U.S.

International Traffic in Arms Regulations, U.S.

Export Administration Regulations and sanctions administered by the Office of Foreign Asset Controls of the U.S.

Treasury Department (OFAC).

Treasury Department.

We must also comply with regulations relating to the award, administration and performance of U.S.

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Furthermore, our compliance with these regulations is subject to audit or investigation by governmental authorities and, from time to time, we receive formal and informal inquiries from government agencies and regulators regarding our compliance.

Finally, the design, manufacture and repair of products that we conduct for the medical industry often requires compliance with domestic and foreign regulations, including the Food and Drug Administration’s (FDA’s) quality system regulations and the European Union’s medical device directive.

Finally, the design, manufacture and repair of products that we conduct for the medical industry often requires compliance with domestic and foreign regulations, including the Food and Drug Administration’s quality system regulations and the European Union’s medical device directive.

In addition to complying with these standards, our medical facilities comply with ISO 13485 (formerly EN 46002) and ISO 9001, where required.

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General Information About Our Human Capital Resources

As of October 1, 2022, we had approximately 34,000 employees and approximately 4,000 temporary employees, in 24 countries.

As of September 30, 2023, we had approximately 34,000 employees and approximately 4,000 temporary employees, in 21 countries.

Region Approximate Breakdown of Employees

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We embrace diverse perspectives and empower our employees to improve our organization, help us innovate, and continuously strengthen our workplace.

As a founding member of the Responsible Business Alliance (“RBA”), the principles of the RBA are fundamental to our corporate culture and core values and are reflected in our commitments to our customers, stakeholders, employees and communities in which we do business around the world.

As a founding member of the RBA, its principles are fundamental to our corporate culture and core values and are reflected in our commitments to our customers, stakeholders, employees and communities in which we do business around the world.

We have aligned our work programs, processes and procedures to the RBA Code of Conduct to help ensure a safe and positive work environment for our employees that emphasizes learning and professional development, respect for individuals and ethical conduct, and that is facilitated by a direct management-employee engagement model.

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Our ultimate goal is to achieve a level of work-related injuries as close to zero as possible through continuous investment in our safety programs.

We provide protective gear (e.g.

eye protection, masks and gloves) as required by applicable standards and as appropriate given employee job duties.

Additionally, during the COVID-19 pandemic, we have invested heavily to help ensure the health of our employees.

Through the use of education and awareness, provision of necessary PPE, and changes to our manufacturing sites and screening, we strive to make our workplaces a safe place for employees during the workday.

We provide protective gear (e.g., eye protection, masks and gloves) as required by applicable standards and as appropriate given employee job duties.

Career Growth and Development

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We believe the combination of competitive compensation, career growth and development opportunities have helped increase employee tenure and reduce voluntary turnover.

The average tenure of our employees is approximately seven years and approximately 30% of our employees have been employed by us for more than ten years.

The average tenure of our employees is approximately eight years and approximately 30% of our employees have been employed by us for more than ten years.

Hiring Practices

We recruit the best people for the job without regard to gender, ethnicity or other protected traits and it is our policy to comply fully with all domestic, foreign and local laws relating to discrimination in the workplace.

We recruit the best people for the job without regard to gender, ethnicity or other protected characteristics and it is our policy to comply fully with all domestic, foreign and local laws relating to discrimination in hiring.

Diversity, Equity and Inclusion

At Sanmina, we are focused on creating a culture of belonging where employees can be their authentic selves and cultivate a workplace where everyone has an opportunity to succeed.

We are focused on creating a culture of belonging where employees can be their authentic selves and cultivate a workplace where everyone has an opportunity to succeed.

Recognizing and respecting our global presence, we strive to maintain a diverse, equitable and inclusive workforce everywhere we operate.

Almost 50% of our employees worldwide are female and, in the U.S., non-Caucasian employees account for almost 55% of the employee base.

Almost 50% of our employees worldwide are female and, in the U.S., non-Caucasian employees account for approximately 57% of the employee base.

Our diversity, equity and inclusion principles are reflected in our employee training, in particular with respect to our policies against harassment and bullying and the elimination of bias in the workplace.

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employees are represented by a labor union.

international locations, our employees are represented by labor unions on either a national or plant level or are subject to collective bargaining agreements.

Available Information

Our Internet address is http://www.sanmina.com.

We make available through our website, free of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission, or SEC.

All reports we file with the SEC are also available free of charge via EDGAR through the SEC's website at http://www.sec.gov .

In some international locations, our employees are represented by labor unions on either a national or plant level or are subject to collective bargaining agreements.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following table sets forth the name, position and age of our current executive officers and their ages as of October 1, 2022.

The following table sets forth the name, position and age of our current executive officers and their ages as of September 30, 2023.

Name Age Position

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Alan Reid 60 Executive Vice President, Global Human Resources

Mason 58 Executive Vice President, Worldwide Sales

Jure Sola has served as our Chairman and Chief Executive Officer since August 2020.

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Prior to March 2010, Mr.

Adzema held the positions of Vice President of Strategy and Corporate Development at Finisar, which he joined in 2005.

Adzema held the positions of Vice President of Strategy and Corporate Development at Finisar, which he joined in January 2005.

Prior to joining Finisar, Mr.

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(British Oxygen Company), a global industrial gases and engineering company, from September 1986 to June 2000.

Mason has served as our Executive Vice President, Worldwide Sales since March 2023.

Mason has held various senior sales and marketing roles at Sanmina since joining us through an acquisition in 1997, most recently Executive Vice President, Sales for Integrated Manufacturing Services and Senior Vice President, Strategic Accounts.

Available Information

Our principal executive offices are located at 2700 North First Street, San Jose, CA 95134, and our telephone number is (408) 964-3500.

We were originally incorporated in California in 1980 and reincorporated in Delaware in May 1989.

Our Internet address is http://www.sanmina.

We make available through our website, free of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission, or SEC.

All reports we file with the SEC are also available free of charge via EDGAR through the SEC's website at http://www.sec.gov .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business