The computer manufacturing services company, Manufacturers Services, founded by Irishman, Mr Kevin Melia, is preparing to float on the Nasdaq market this summer.
Yesterday it announced a 49 per cent increase in annual turnover for 1998 of $838 million (€741.65 million), although profit figures were not disclosed.
The company which manufactures computer hardware for customers like IBM, Hewlett Packard, Ericsson and Unisys, is expected to make an initial public offering (IPO) in June.
The company has experienced rapid growth in the four years since its foundation and is estimated to be worth more than $1 billion, employing 4,000 people around the world, including 350 at a facility in Athlone, Co Westmeath.
The majority of the equity is held by the Wall Street merchant bank, Donaldson, Lufkin and Jenrette (DLJ), although it is understood Mr Melia retains up to 20 per cent. If all or part of the company is floated Mr Melia would be in line for a multi-million pound pay-out.
The purpose of the flotation, according to sources, is to provide funds for future acquisitions. Mr Melia has said before the company needs to increase its value to $3 billion.
Manufacturers Services has benefited from the dramatic growth in out-sourcing in the computer industry. The company has gained several out-sourcing contracts in the last year which contributed to the increase in turnover and profit last year.
Mr Melia, an accountant by training, worked for a time with Udaras na Gaeltachta and Digital in Galway. After this he moved to the United States and was involved in establishing Sun Microsystems where he became vice-president of operations. In 1994 he left Sun and with a colleague, Mr Bob Graham, he set up Manufacturers Services.
