1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
(Mark One)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the fiscal year ended September 30, 1996.

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934. For the transition period from ____________ to
____________.

Commission File Number: 0-21272

SANMINA CORPORATION
(Exact name of registrant as specified in its charter)

Delaware 77-0228183
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)

355 East Trimble Road, San Jose, CA 95131
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (408) 435-8444

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.01 par value
(Title of class)

Indicate by check mark whether the Registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No

Indicate by check mark if disclosures of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-K or any
amendment to this Form 10-K. [X]

The aggregate value of voting stock held by non-affiliates of the
Registrant was approximately $664,082,000 as of September 30, 1996, based upon
the average of the high and low prices of the Registrant's Common Stock reported
for such date on the Nasdaq National Market. Shares of Common Stock held by each
executive officer and director and by each person who owns 10% or more of the
outstanding Common Stock have been excluded in that such persons may be deemed
to be affiliates. The determination of affiliate status is not necessarily a
conclusive determination for other purposes. As of September 30, 1996, the
Registrant had outstanding 16,889,923 shares of Common Stock.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information is incorporated into Part III of this report by
reference to the Proxy Statement for the Registrant's 1996 annual meeting of
stockholders to be filed with the Securities and Exchange Commission pursuant to
Regulation 14A not later than 120 days after the end of the fiscal year covered
by this Form 10-K. Certain information is incorporated into Parts II and IV of
this report by reference to the Registrant's annual report to stockholders for
the year ended September 30, 1996.

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PART I

ITEM 1. BUSINESS

THE COMPANY

Sanmina Corporation ("Sanmina" or the "Company") is a leading
independent provider of customized integrated electronics manufacturing services
("EMS"), including turnkey electronic assembly and manufacturing management
services, to original equipment manufacturers ("OEMs") in the electronics
industry. Sanmina's electronic manufacturing services consist primarily of the
manufacture of complex printed circuit board assemblies using surface mount
("SMT") and pin through-hole ("PTH") interconnection technologies, the
manufacture of custom designed backplane assemblies, fabrication of complex
multi-layer printed circuit boards, and testing and assembly of completed
systems. In addition to assembly, turnkey manufacturing management also involves
procurement and materials management, as well as consultation on printed circuit
board design and manufacturability. Sanmina, through its Golden Eagle Systems
("Golden Eagle") subsidiary, which was acquired in January 1996, also
manufactures custom cable assemblies for electronics industry OEMs.

SMT and PTH printed circuit board assemblies are printed circuit
boards on which various electronic components, such as integrated circuits,
capacitors, microprocessors and resistors have been mounted. These assemblies
are key functional elements of many types of electronic products. Backplane
assemblies are large printed circuit boards on which connectors are mounted to
interconnect printed circuit boards, integrated circuits and other electronic
components. Interconnect products manufactured by Sanmina generally require
greater manufacturing expertise and have shorter delivery cycles than mass
produced interconnect products and therefore typically have higher profit
margins.

Sanmina's customers include leading OEMs in the telecommunications,
networking (data communications), industrial and medical instrumentation and
computer systems sectors. Sanmina's manufacturing and assembly plants are
located in Northern California, Richardson, Texas, Manchester, New Hampshire,
Raleigh, North Carolina, Guntersville, Alabama and Guaymas, Mexico. Golden
Eagle's manufacturing facility is located in Carrollton, Texas. Sanmina plans to
expand its operations internationally with the opening of an EMS facility in the
Dublin, Ireland area. Sanmina expects to open this facility in the first half of
calendar 1997.

Sanmina was formed in 1989 by Morgan Stanley Venture Capital Fund L.P.
to acquire the printed circuit board and backplane operations of its predecessor
company, which has been in the printed circuit board and backplane business
since 1980. Sanmina's principal offices are located at 355 East Trimble Road,
San Jose, California 95131. Sanmina's telephone number is (408) 435-8444.

Sanmina and the Sanmina logo are trademarks of the Company. Trademarks
of other corporations are also referred to in this report.

This Report on Form 10-K contains certain forward looking statements
regarding future events with respect to the Company. Actual events and/or future
results operations may differ materially as a result of the factors described
herein and in the documents incorporated herein by reference, including, in
particular, those factors described under "Factors Affecting Operating Results."

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INDUSTRY OVERVIEW

Sanmina is benefiting from increased market acceptance of the use of
manufacturing specialists in the electronics industry. Many electronics OEMs
have adopted and are becoming increasingly reliant upon manufacturing
outsourcing strategies, and Sanmina believes the trend towards outsourcing
manufacturing will continue. Electronics industry OEMs use EMS specialists for
many reasons including the following:

Reduce Time to Market. Due to intense competitive pressures in the
electronics industry, OEMs are faced with increasingly shorter product
life-cycles and therefore have a growing need to reduce the time required to
bring a product to market. OEMs can reduce their time to market by using a
manufacturing specialist's established manufacturing expertise and
infrastructure.

Reduce Capital Investment. As electronic products have become more
technologically advanced, the manufacturing process has become increasingly
automated, requiring a greater level of investment in capital equipment.
Manufacturing specialists enable OEMs to gain access to advanced manufacturing
facilities, thereby reducing the OEMs' overall capital equipment requirements.

Focus Resources. Because the electronics industry is experiencing
greater levels of competition and more rapid technological change, many OEMs
increasingly are seeking to focus their resources on activities and technologies
in which they add the greatest value. By offering comprehensive electronic
assembly and turnkey manufacturing services, manufacturing specialists allow
OEMs to focus on core technologies and activities such as product development,
marketing and distribution.

Access Leading Manufacturing Technology. Electronic products and
electronics manufacturing technology have become increasingly sophisticated and
complex, making it difficult for OEMs to maintain the necessary technological
expertise in process development and control. OEMs are motivated to work with a
manufacturing specialist in order to gain access to the specialist's process
expertise and manufacturing know-how.

Improve Inventory Management and Purchasing Power. Electronics
industry OEMs are faced with increasing difficulties in planning, procuring and
managing their inventories efficiently due to frequent design changes, short
product life cycles, large investments in electronic components, component price
fluctuations and the need to achieve economies of scale in materials
procurement. By using a manufacturing specialist's volume procurement
capabilities and expertise in inventory management, OEMs can reduce production
and inventory costs.

Access Worldwide Manufacturing Capabilities. OEMs are increasing their
international activities in an effort to lower costs and access foreign markets.
Manufacturing specialists with worldwide capabilities are able to offer such
OEMs a variety of options on manufacturing locations to better address their
objectives regarding cost, shipment location, frequency of interaction with
manufacturing specialists and local content requirements of end-market
countries.

The total estimated 1996 market for the EMS industry is $24.8 billion
for the United States and Canada. Sanmina primarily markets its manufacturing
services to electronics industry OEMs in the United States and Canada. The
United States EMS industry is highly fragmented, with several large
manufacturers with over $500 million in annual revenues, and numerous other
manufacturers with annual revenues from under $10 million to several hundred
million dollars. Industry sources estimate that the United States sales of
backplane assemblies and printed circuit boards in 1996 were $1.3 billion and
$6.8 billion respectively, and approximately 40% of backplane assemblies and 20%
of printed circuit boards were accounted for by OEM in-house ("captive")
production. In addition, industry sources estimate that the total merchant
market for custom cable and wiring harness assemblies is $6.2 billion.

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Beginning in the first half of calendar 1997, Sanmina is expected to begin
marketing and providing electronic manufacturing services in Ireland. The market
for these products will include Western Europe, and the total EMS market for
Western Europe in 1996 was estimated at $8.5 billion.

SANMINA BUSINESS STRATEGY

Sanmina's objective is to provide OEMs with a total EMS solution.
Sanmina's strategy encompasses several key elements:

- Concentrate on high value added products and services for
leading OEMs. Sanmina focuses on leading manufacturers of
advanced electronic products that generally require
custom-designed, more complex interconnect products and short
lead-time manufacturing services. By focusing on complex
interconnect products and manufacturing services for leading
OEMs, Sanmina is able to realize higher margins than many
other participants in the interconnect and EMS industries.

- Leverage vertical integration. Building on its integrated
manufacturing capabilities, Sanmina can provide its customers
with a broad range of high value added manufacturing services
from fabrication of bare boards to final system assembly and
test. The cable assembly capabilities of Golden Eagle provide
Sanmina with further opportunities to leverage its vertical
integration. By manufacturing printed circuit boards and
custom cable assemblies used in its EMS assemblies, Sanmina,
through its vertical integration, is able to provide greater
value added and realize additional manufacturing margin. In
addition, Sanmina's vertical integration provides it with
greater control over quality, delivery and cost, and enables
the Company to offer its customers a complete EMS solution.

- Focus on high growth customer sectors. Sanmina has focused its
marketing efforts on key, fast growing industry sectors.
Sanmina's customers include leading OEM companies in
telecommunications, networking (data communications),
industrial and medical instrumentation and high-end computer
systems. Sales efforts will focus on increasing penetration of
its existing customer base as well as attracting new
customers, thus diversifying its revenue across a wider base.

- Geographic expansion of manufacturing facilities. Sanmina has
significantly expanded and upgraded its operations through the
October 1993 opening of its Richardson, Texas facility, which
doubled the Company's backplane production capacity, the
October 1994 acquisition of a state-of-the-art contract
manufacturing plant in San Jose, the January 1996 opening of
Sanmina's new contract manufacturing facility in Manchester,
New Hampshire, the March 1996 opening of Sanmina's new EMS
facility in Raleigh, North Carolina and the November 1996
acquisition of the former Comptronix Corporation contract
manufacturing facilities located in Guntersville, Alabama and
Guaymas, Mexico. These facilities provide the Company with
operations in key geographic markets for the electronics
industry. In the first half of calendar 1997, Sanmina plans to
open an EMS facility in the Dublin, Ireland area to serve
customers in the European market. Sanmina will continue to
aggressively and opportunistically pursue future expansion
opportunities in other markets.

- Aggressive pursuit of acquisition opportunities. Sanmina's
strategy involves the pursuit of business acquisition
opportunities, particularly when these opportunities have the
potential to enable Sanmina to increase its net sales while
maintaining operating margin, access new geographic markets,
implement Sanmina's vertical integration strategy and/or
obtain facilities and equipment

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on terms more favorable than those generally available in the
market. This strategy led to the acquisitions of Sanmina's San
Jose EMS operations, Manchester and Guntersville EMS
operations and Sanmina's custom cable operations through its
acquisition of Golden Eagle. In addition, in November 1996,
Sanmina acquired certain assets of the custom manufacturing
services division of Lucent Technologies, including equipment,
customer contracts and inventory. This acquisition provides
Sanmina with several new key customer accounts as well as with
equipment that will be moved to various Sanmina facilities.
Sanmina intends to continue to evaluate acquisition
opportunities on a ongoing basis.

- Develop long-term customer relationships. Sanmina seeks to
establish "partnerships" with its customers by focusing on
state-of-the-art technology, quick-turnaround manufacturing
and comprehensive management support for materials and
inventory. Sanmina also works closely with its customers to
help them manage their manufacturing cycle and reduce their
time to market. While Sanmina will continue to emphasize
growth with its current customers, it has been successful in
attracting new clients. To further these efforts, the Company
intends to continue to expand its direct sales staff. Sanmina
believes its direct sales force is one of its key competitive
advantages.

- Extend technology leadership. Today Sanmina can provide
services from the fabrication of circuit boards to complete
system assemblies. In providing these services, Sanmina uses a
variety of processes and technologies. Sanmina strives for
continuous improvement of its processes and has adopted a
number of quality improvement and measurement techniques to
monitor its performance. Sanmina has also made significant
capital expenditures during fiscal 1996 to upgrade plant and
equipment at its facilities. Sanmina intends to stay on the
leading edge of technology development and will evaluate new
interconnect and packaging technologies as they emerge.

CUSTOMERS, MARKETING AND SALES

Sanmina's customers include a diversified base of OEMs in the
telecommunications, networking (data communications), industrial and medical
instrumentation and computer systems segments of the electronics industry. The
following table shows the estimated percentage of Sanmina's fiscal 1996 sales in
each of these segments.

Telecommunications -- 56%
Networking (Data Communications) -- 20%
Industrial and Medical Instrumentation -- 19%
Computer Systems -- 5%

Sanmina develops relationships with its customers and markets its
manufacturing services through a direct sales force augmented by a network of
manufacturers' representative firms and a staff of in-house customer support
specialists. Sanmina's sales resources are directed at multiple management and
staff levels within target accounts. Sanmina's direct sales personnel work
closely with the customers' engineering and technical personnel to better
understand their requirements. Sanmina's manufacturers' representatives are
managed by the Company's direct sales personnel, rather than from corporate
headquarters, in order to provide for greater accountability and responsiveness.

The Company has also expanded its customer base through acquisitions.
In particular, the acquisition of the Comptronix Guntersville, Alabama
operations and certain assets of the former custom manufacturing services
division of Lucent Technologies provided the Company with several new key
customer accounts with significant growth potential.

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Historically, Sanmina has had substantial recurring sales from
existing customers. Sanmina also conducts advertising and public relations
activities, as well as receiving referrals from current customers.

Although Sanmina seeks to diversify its customer base, a small number
of customers are responsible for a significant portion of the Company's net
sales. In fiscal 1996 and fiscal 1995, DSC Communications and Alcatel each
accounted for more than 10% of Sanmina's net sales. In addition, during fiscal
1996 and 1995, Sanmina's ten largest customers accounted for approximately 65%
and 67%, respectively, of Sanmina's net sales. Although there can be no
assurance that the Company's principal customers will continue to purchase
products and services from the Company at current levels, if at all, the Company
expects to continue to depend upon its principal customers for a significant
portion of its net sales. The Company's customer concentration could increase or
decrease, depending on future customer requirements, which will be dependent in
large part on market conditions in the electronics industry segments in which
the Company's customers participate. The loss of one or more major customers or
declines in sales to major customers could have a material adverse effect on
Sanmina's business, financial condition and results of operations.

MANUFACTURING SERVICES

Sanmina specializes in manufacturing complex printed circuit board
assemblies, backplane assemblies and printed circuit boards that are used in the
manufacture of sophisticated electronic equipment. Sanmina had been
manufacturing backplane assemblies since 1981 and, in October 1993, Sanmina
began providing electronic assembly and turnkey manufacturing management
services including the assembly and testing of sophisticated electronic systems.
For fiscal 1996, approximately 92% of Sanmina's net sales consisted of assembly
revenues and approximately 8% of Sanmina's net sales consisted of printed
circuit boards. Assembly revenues are sales derived from shipments to Sanmina's
customers from one of Sanmina's value added assembly facilities and includes the
value of the printed circuit board which is, in most cases, manufactured at one
of the Company's printed circuit board facilities. Printed circuit board
revenues are sales derived from shipments directly to Sanmina's customers from
one of Sanmina's printed circuit board facilities.

Sanmina seeks to establish "partnerships" with its customers by
providing a responsive, flexible total manufacturing services solution. These
services include computer integrated manufacturing ("CIM") and engineering
services, quick-turnaround manufacturing and prototype and reproduction
interconnect products and materials procurement and management. CIM services
provided by Sanmina consist of developing manufacturing processes, tooling and
test sequences for new products from product designs received from customers.
Sanmina also evaluates customer designs for manufacturability and test, and,
when appropriate, recommends design changes to reduce manufacturing cost or lead
times or to increase manufacturing yields and the quality of the finished
product. Once engineering is completed, Sanmina manufactures prototype or
preproduction versions of that product on a quick-turnaround basis. Sanmina
expects that the demand for engineering and quick-turnaround prototype and
preproduction manufacturing services will increase as OEMs' products become more
complex and as product life cycles shorten. Materials procurement and handling
services provided by Sanmina include planning, purchasing, warehousing and
financing of electronic components and enclosures used in the assemblies and
systems.

Prices of Sanmina's SMT or PTH assemblies, backplane assemblies,
printed circuit board assemblies, cable assemblies or systems vary depending
upon their size and complexity, the specified manufacturing turnaround time, the
extent of design and engineering services provided by the Company, the market
for the various electronic components used and the quantity ordered. These
prices of SMT and PTH assemblies, backplane assemblies, and systems typically
range from several hundred dollars to several thousand dollars per unit. Prices
of printed circuit boards manufactured by Sanmina typically range from several
dollars to $7,000 per unit. Prices of custom cable assemblies manufactured by
Sanmina typically range from several dollars to $1,000 per unit.

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MANUFACTURING AND ENGINEERING

Facilities

Sanmina manufactures its products in 12 decentralized plants,
consisting of eight assembly facilities and four printed circuit board
fabrication facilities. Generally, each of Sanmina's decentralized plants have
their own production, purchasing, and materials management and quality
capabilities located on site. The production expertise of some plants overlaps,
which enables Sanmina to allocate production based on product type and available
capacity at one or more plants. With assembly facilities located in major
electronics industry centers throughout the country, including Silicon Valley,
the Dallas-Forth Worth area, the Research Triangle area, New England and
northern Alabama, Sanmina is also able to allocate production based on
geographic proximity to the customer, process capabilities and available
capacity. Sanmina believes that this flexible approach differs from that of its
competition. Decentralized plants can focus on particular product types and
respond quickly to customers' specific requirements. Sanmina believes that
decentralized facilities also allow it to achieve improved accountability,
quality control and cost control. Each plant is managed as a separate profit
center, and each plant manager's compensation depends, in part, upon that plant
meeting quality, shipment and gross profit targets.

Sanmina has pursued a strategy of expanding the capacity and
geographic scope of its assembly capability in order to position itself to serve
electronics industry OEMs in key geographic markets. In October 1993, Sanmina
established a backplane assembly operation in Richardson, Texas in order to
better serve major customers in the Dallas-Forth Worth area, and in 1995,
Sanmina expanded its operation in Texas by doubling the production capacity of
such facility. In October 1994, the Company acquired a 100,000 square foot,
state-of-the-art contract assembly facility in San Jose, California. This
facility in San Jose now serves as the cornerstone of Sanmina's Northern
California assembly operations. Following the acquisition, a smaller assembly
operation was consolidated with, and the Company's corporate headquarters were
moved to, this facility in San Jose. In June 1995, Sanmina acquired a contract
assembly company in Manchester, New Hampshire in order to address the New
England market, and in January 1996, these operation were moved into a new,
72,000 square foot state-of-the-art assembly facility built to the Company's
specifications.

In January 1996, Sanmina acquired Golden Eagle Systems which gave the
Company a value added custom cable and wiring harness facility in Carrollton,
Texas. In the first quarter of fiscal 1997, Sanmina expanded the custom cable
operations of Golden Eagle by purchasing a 72,000 square foot facility in
Carrollton. Sanmina expects to move into this new facility in January 1997. In
November 1996, Sanmina acquired the Guntersville, Alabama and Guaymas, Mexico
assembly facilities and operation of Comptronix Corporation. This acquisition
provides the Company with manufacturing operations in the Huntsville, Alabama
area, a major center of electronics industry activity. The Guaymas, Mexico
facility provides Sanmina with operations in a lower-cost environment than
Sanmina's other facilities. The acquisition also provides Sanmina with several
significant new customers.

In the first half of calendar 1997, Sanmina expects to open its first
overseas EMS facility, which will be located near Dublin, Ireland.

Manufacturing Processes

Sanmina produces complex, technologically advanced SMT and PTH
assemblies, backplane assemblies and multilayer printed circuit boards, custom
cable assemblies and full systems that meet increasingly tight tolerances and
specifications demanded by OEMs. Multilayering, which involves placing multiple
layers of electrical circuitry on a single printed circuit board or backplane,
expands the number of circuits and components that can be contained on the
interconnect product and increases the operating speed of the system by reducing
the distance that electrical

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signals must travel. Increasing the density of the circuitry in each layer is
accomplished by reducing the width of the circuit tracks and placing them closer
together on the printed circuit board or backplane. Interconnect products having
narrow, closely spaced circuit tracks are known as "fine line" products. Today,
Sanmina and other industry leaders are capable of efficiently producing
commercial quantities of printed circuit boards with up to 36 layers and circuit
track widths as narrow as three mils. The manufacture of complex multilayer
interconnect products often requires the use of sophisticated circuit
interconnections between certain layers (called "blind or buried vias") and
adherence to strict electrical characteristics to maintain consistent circuit
transmission speeds (referred to as "controlled impedance"). These technologies
require very tight lamination and etching tolerances and are especially critical
for printed circuit boards with ten or more layers.

The manufacture of printed circuit boards involves several steps:
etching the circuit image on copper-clad epoxy laminate, pressing the laminates
together to form a panel, drilling holes and depositing copper or other
conductive material to form the inter-layer electrical connections and, lastly,
cutting the panels to shape. Certain advanced interconnect products require
additional critical steps, including dry film imaging, photoimageable soldermask
processing, computer controlled drilling and routing, automated plating and
process controls and achievement of controlled impedance. Manufacture of printed
circuit boards used in backplane assemblies requires specialized expertise and
equipment because of the larger size of the backplane relative to other printed
circuit boards and the increased number of holes for component mounting.

The manufacture of SMT and PTH assemblies involves the attachment of
various electronic components, such as integrated circuits, capacitors,
microprocessors and resistors to printed circuit boards. The manufacture of
backplane assemblies involves attachment of electronic components, including
printed circuit boards, integrated circuits and other components, to the
backplane, which is a large printed circuit board manufactured by Sanmina.
Sanmina uses SMT, PTH and press-fit technologies in backplane assembly.

Ten of Sanmina's manufacturing facilities are certified under ISO
9002, a set of standards published by the International Organization of
Standardization and used to document, implement and demonstrate quality
management and assurance systems in design and manufacturing. As part of the ISO
9002 certification process, the Company has developed a quality systems manual
and an internal system of quality controls and audits. Although ISO 9002
certification is of particular importance to the companies doing business in the
European Community, Sanmina believes that United States electronics
manufacturers are increasing their use of ISO 9002 registration as a criteria
for suppliers.

In addition to ISO 9002 certification, Sanmina is BellCore, British
Approval Board for Telecommunications ("BABT") and Underwriters Laboratories
("UL") compliant. These qualifications establish standards for quality,
manufacturing process control and manufacturing documentation and are required
by many OEMs in the electronics industry, including suppliers to AT&T and the
Regional Bell Operating Companies.

The Company orders materials and components based on purchase orders
received and accepted and seeks to minimize its inventory of materials or
components that are not identified for use in filling specific orders. Materials
used in manufacturing printed circuit boards are readily available in the open
market and the Company has not to date experienced any significant shortages of
such materials. Electronic components used by Sanmina in producing SMT and PTH
assemblies and its backplane assemblies are purchased by Sanmina and, in certain
circumstances, it may be required to bear the risk of component price
fluctuations. In addition, shortages of certain types of electronic components
have occurred in the past and may occur in the future. Component shortages or
price fluctuations could have an adverse effect on the Company's SMT and PTH
assemblies and its backplane assembly business, thereby adversely affecting the
Company's results of operations. Due to the continued expansion of the Company's
contract manufacturing and backplane assembly businesses as a percentage of the
Company's net sales, component shortages

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and price fluctuations would adversely affect the Company's results of
operations to a greater extent than in prior fiscal years.

Technology Development

Sanmina's close involvement with its customers at the early stages of
their product development positions it at the leading edge of technical
innovation in the manufacturing of SMT and PTH assemblies, backplane assemblies,
and printed circuit boards. Sanmina selectively seeks orders that require the
use of state-of-the-art materials or manufacturing techniques in order to
further develop its manufacturing expertise. Current areas of manufacturing
process development include reducing circuit widths and hole sizes, establishing
new standards for particle contamination and developing new manufacturing
processes for the use with new materials and new surface mount connector and
component designs.

Recent developments in the electronics industry have necessitated
improvements in the types of laminate used in the manufacture of interconnect
products. New laminate materials may contain new chemical formulations to
achieve better control of flow, resin systems with high glass transition
temperatures, reduced surface imperfections and greatly improved dimensional
stability. Future generations of interconnect products will require ultra fine
lines, multilayers of much greater complexity and thickness, and extremely small
holes in the 4 to 10 mil range. The materials designed to meet these
requirements, such as BT epoxy, cyanate esters, polyamide quartz, and Kevlar
epoxy, are beginning to appear in the marketplace. Widespread commercial use of
these materials will depend upon statistical process control and improved
manufacturing procedures to achieve the required yields and quality.

Sanmina holds no patents. Sanmina believes that patents are not
important competitive factors in its market.

ENVIRONMENTAL CONTROLS

Proper waste disposal is a major consideration for printed circuit
board manufacturers because metals and chemicals are used in the manufacturing
process. Water used in the printed circuit board manufacturing process must be
treated to remove metal particles and other contaminants before it can be
discharged into the municipal sanitary sewer system. Maintenance of
environmental controls is also important in the electronics assembly process,
notwithstanding the fact that these processes generate significantly less
wastewater than the printed circuit board fabrication process. Each of Sanmina's
printed circuit board and electronics assembly plants has personnel responsible
for monitoring environmental compliance. These individuals report to Sanmina's
director of environmental compliance, who has overall responsibility for
environmental matters.

Each plant operates under effluent discharge permits issued by the
appropriate governmental authority. These permits must be renewed periodically
and are subject to revocation in the event of violations of environmental laws.
The Company believes that the waste treatment equipment in all of its plants is
currently in compliance with environmental protection requirements in all
material respects. However, there can be no assurance that violation will not
occur in the future as a result of human error, equipment failure or other
causes. In the event of a future violation of environmental laws, the Company
could be held liable for damages and for the costs of remedial actions and could
be also subject to revocation of effluent discharge permits. Any such revocation
could require the Company to cease or limit production at one or more of its
facilities, thereby having an adverse impact on the Company's results of
operations. Sanmina is also subject to environmental laws relating to the
storage, use and disposal of chemicals, solid waste and other hazardous
materials as well as air quality regulations. Furthermore, environmental laws
could become more stringent over time, and the costs of compliance with and
penalties associated with violation of more stringent laws could be substantial.

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BACKLOG

Sanmina's backlog was $100.3 million at September 30, 1996 and $59.1
million at September 30, 1995. Backlog consists of purchase orders received by
the Company, including, in certain instances, forecast requirements released for
production under customer contracts. Cancellation and postponement charges
generally vary depending upon the time of cancellation or postponement, and a
certain portion of the Company's backlog may be subject to cancellation or
postponement without significant penalty. Typically, approximately 70% of the
Company's backlog is scheduled for delivery within 120 days.

COMPETITION

Significant competitive factors in the market for advanced backplane
assemblies and printed circuit boards include product quality, responsiveness to
customers, manufacturing and engineering skills, and price. Sanmina believes
that competition in the market segments served by Sanmina is based more on
product quality and responsive customer service and support than on price, in
part because the cost of interconnect products manufactured by Sanmina is
usually low relative to the total cost of the equipment for which they are
components and in part because of the greater importance of product reliability
and prompt delivery to Sanmina's customers. Sanmina believes that its primary
competitive strengths are its ability to provide responsive, flexible, short
lead-time manufacturing services, its engineering and manufacturing expertise
and its customer service support.

Sanmina faces intense competition from a number of established
competitors in its various product markets. Certain of Sanmina's competitors
have greater financial and manufacturing resources than Sanmina, including
significantly greater SMT assembly capacity. During periods of recession in the
electronic industry, the Company's competitive advantages in the areas of
quick-turnaround manufacturing and responsive customer service may be of reduced
importance to electronics OEMs, who may become more price sensitive. In
addition, captive interconnect product manufacturers may seek orders in the open
market to fill excess capacity, thereby increasing price competition. Although
the Company generally does not pursue high-volume, highly price-sensitive
interconnect product business, it may be at a competitive disadvantage with
respect to price when compared to manufacturers with lower cost structures,
particularly those manufacturers with offshore facilities where labor and other
costs are lower.

EMPLOYEES

At September 30, 1996, Sanmina had 1,726 full-time employees,
including 1,624 in manufacturing and engineering, 56 in marketing and sales, and
46 in general administration and finance. None of Sanmina's employees is
represented by a labor union and Sanmina has never experienced a work stoppage
or strike. Sanmina believes its relationship with its employees is good.

The Company's success depends to a large extent upon the continued
services of key managerial and technical employees. The loss of such personnel
could have a material adverse effect on the Company. To date, the Company has
not experienced significant difficulties in attracting or retaining such
personnel. Although the Company is not aware that any of its key personnel
currently intend to terminate their employment, their future services cannot be
assured.

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FACTORS AFFECTING BUSINESS AND RESULTS OF OPERATIONS

In addition to the information set forth in this report on Form 10-K
and in the documents incorporated herein by reference, the following factors
should be carefully considered by prospective investors in the Company's
securities.

Dependence on Electronics Industry. Sanmina's customers are
manufacturers in the telecommunications, networking (data communications),
industrial and medical instrumentation and computer systems segments of the
electronics industry. These industry segments, and the electronics industry as a
whole, are subject to rapid technological change and product obsolescence.
Discontinuance or modification of products containing components manufactured by
the Company could adversely affect the Company's results of operations. The
electronics industry is also subject to economic cycles and has in the past
experienced, and is likely in the future to experience, recessionary periods. A
general recession in the electronics industry could have a material adverse
effect on Sanmina's business, financial condition and results of operations. The
Company typically does not obtain long-term volume purchase contracts from its
customers and has recently experienced reduced lead times in customer orders.
Nonetheless, customer orders may be canceled and volume levels may be changed or
delayed. The timely replacement of canceled, delayed or reduced contracts with
new business cannot be assured.

Factors Affecting Operating Results. The Company's results of
operations have varied and may continue to fluctuate significantly from period
to period, including on a quarterly basis. Operating results are affected by a
number of factors, including timing of orders from major customers, mix of
products ordered by and shipped to major customers, the volume of orders as
related to the Company's capacity, ability to effectively manage inventory and
fixed assets, timing of expenditures in anticipation of future sales, economic
conditions in the electronics industry and the mix of products between backplane
assemblies and printed circuit boards. Operating results can also be
significantly influenced by development and introduction of new products by the
Company's customers. From time to time, the Company experiences changes in the
volume of sales to each of its principal customers, and operating results may be
affected on a period-to-period basis by these changes. The Company's customers
generally require short delivery cycles, and a substantial portion of the
Company's backlog is typically scheduled for delivery within 120 days. Quarterly
sales and operating results therefore depend in large part on the volume and
timing of bookings received during the quarter, which are difficult to forecast.
The Company's backlog also affects its ability to plan production and inventory
levels, which could lead to fluctuations in operating results. In addition, a
significant portion of the Company's operating expenses are relatively fixed in
nature and planned expenditures are based in part on anticipated orders. Any
inability to adjust spending quickly enough to compensate for any revenue
shortfall may magnify the adverse impact of such revenue shortfall on the
Company's results of operations. Results of operations in any period should not
be considered indicative of the results to be expected for any future period,
and fluctuations in operating results may also result in fluctuations in the
price of the Company's Common Stock.

Competition and Technological Change. The electronic interconnect
product industry is highly fragmented and is characterized by intense
competition. Sanmina competes in the technologically advanced segment of the
interconnect product market, which is also highly competitive but is much less
fragmented than the industry as a whole. Sanmina's competitors consist primarily
of larger manufacturers of interconnect products, and some of these competitors
have greater manufacturing and financial resources than Sanmina as well as
greater SMT assembly capacity. As a participant in the interconnect industry,
Sanmina must continually develop improved manufacturing processes to accommodate
its customers' needs for increasingly complex products. During periods of
recession in the electronics industry, the Company's competitive advantages in
the areas of quick-turnaround manufacturing and responsive customer service may
be of reduced importance to electronics OEMs, who may become more price
sensitive. In addition, captive interconnect product manufacturers may seek
orders in the open market to fill excess

-11-
12
capacity, thereby increasing price competition. Although the Company generally
does not pursue high-volume, highly price sensitive interconnect product
business, it may be at a competitive disadvantage with respect to price when
compared to manufacturers with lower cost structures, particularly those with
offshore facilities where labor and other costs are lower.

Risks Associated with Acquisitions and Expansions. Sanmina has, for
the past several fiscal years, pursued a strategy of growth. This growth has
come in part through acquisitions. These acquisitions have involved both
acquisitions of entire companies, such as the June 1995 acquisition of Assembly
Solutions in Manchester, New Hampshire and the January 1996 acquisition of
Golden Eagle, and acquisitions of selected assets, principally equipment,
inventory and customer contracts and, in certain cases, facilities or facility
leases. Such acquisitions include the November 1996 acquisitions of the
Guntersville, Alabama and Guaymas, Mexico operations of Comptronix Corporation
and certain assets of the custom manufacturing services division of Lucent
Technologies. In addition to these acquisitions, Sanmina has also grown its
operations through internal expansion, such as the opening of its Richardson,
Texas assembly facility, its Raleigh, North Carolina assembly facility and its
planned Dublin, Ireland assembly facility. Acquisitions of companies and
businesses and expansion of operations involves certain risks, including (i) the
potential inability to successfully integrate acquired operations and businesses
or to realize anticipated synergies, economies of scale or other value, (ii)
diversion of management's attention, (iii) difficulties in scaling up production
at new sites and coordinating management of operations at new sites and (iv)
loss of key employees of acquired operations. No assurance can be given that the
Company will not incur problems in integrating the former Lucent and Comptronix
operations acquired in November 1996 or any future acquisition, and there can be
no assurance that these acquisitions or any other future acquisition will result
in a positive contribution to the Company's results of operations. Furthermore,
there can be no assurance that the Company will realize value from any such
acquisition which equals or exceeds the consideration paid. In addition, there
can be no assurance that the Company will realize anticipated strategic and
other benefits from expansion of existing operations to new sites. Any such
problems could have a material adverse effect on the Company's business,
financial condition and results of operations. In addition, future acquisitions
by the Company may result in dilutive issuances of equity securities, the
incurrence of additional debt, large one-time write-offs and the creation of
goodwill or other intangible assets that could result in amortization expense.
These factors could have a material adverse effect on the Company's business,
financial condition and results of operations.

Risks Associated with International Operations. The Company intends to
open its first overseas facility, to be located in Dublin, Ireland, in the first
half of calendar 1997. A number of risks are inherent in international
operations and transactions. International sales and operations may be limited
or disrupted by the imposition of government controls, export license
requirements, political instability, trade restrictions, changes in tariffs, and
difficulties in staffing, coordinating communications among and managing
international operations. Additionally, the Company's business, financial
condition and results of operations may be adversely affected by fluctuations in
international currency exchange rates as well as increases in duty rates,
difficulties in obtaining export licenses, constraints on its ability to
maintain or increase prices, and competition. There can be no assurance that the
Company will realize the anticipated strategic benefits of its expansion in
Ireland or that the Company's Irish operations will contribute positively to the
Company's business, financial condition and results of operations. Furthermore,
difficulties encountered in scaling up production at the new Irish facility or
in coordinating the Company's United States and Irish operations, as well as any
failure of the Irish operations to realize anticipated revenue growth, could,
individually or in the aggregate, have a material adverse effect on the
Company's business, financial condition and results of operations.

Leverage and Subordination. On August 16, 1995, the Company issued
$86.25 million principal amount of 5.5% Convertible Subordinated Notes due on
August 15, 2002 (the "Notes") under an indenture dated August 15, 1995 (the
"Indenture") which increased Sanmina's ratio of long-term debt to total
capitalization. As a result of this

-12-

13
indebtedness, the Company's principal and interest obligations have increased
substantially. The degree to which the Company is leveraged could adversely
affect the Company's ability to obtain additional financing for working capital,
acquisitions or other purposes and could make it more vulnerable to industry
downturns and competitive pressures. The Notes are convertible into Common
Stock, at the option of the Note holder, at a conversion price of $28.1925 per
share, subject to adjustments in certain events. The Notes are subordinated in
right of payment to all existing and future senior indebtedness of the Company.
The Indenture does not limit the amount of future indebtedness, including senior
indebtedness, that the Company can create, incur, assume or guarantee. By reason
of the subordination, the event of the Company's liquidation or dissolution,
holders of senior indebtedness may receive more, ratably, and holders of the
Notes may receive less, ratably, than the other creditors of the Company.

Possible Volatility of Note and Stock Price. The trading price of the
Notes and the Company's Common Stock could be subject to significant
fluctuations in response to variations in quarterly operating results,
developments in the electronics industry, general economic conditions, changes
in securities analysts' recommendations regarding the Company's securities and
other factors. In addition, the stock market in recent years has experienced
significant price and volume fluctuations which have affected the market prices
of technology companies and which have often been unrelated to or
disproportionately impacted by the operating performance of such companies.
These broad market fluctuations may adversely affect the market price of the
Common Stock and the Notes. In addition, volatility in the price of the
Company's Common Stock, changes in prevailing interest rates and changes in
perceptions of the Company's creditworthiness may in the future adversely affect
the price of the Notes.

ITEM 2. PROPERTIES

Sanmina's principal facilities comprise an aggregate of approximately
700,000 square feet. Except for the Company's 72,500 square foot Manchester, New
Hampshire facility and the newly acquired 72,000 square foot facility to be
occupied by the Company's Golden Eagle subsidiary, all of the facilities are
leased, and the leases for these facilities expire from 1997 through 2002. The
leases generally may be extended at the Company's option. In addition, the
Company's Guntersville, Alabama facilities are leased under leases with the
Guntersville, Alabama industrial development board. Under the leases, no rent is
payable and the facilities may be purchased by the Company for nominal
consideration at any time up to and including the expiration of the respective
terms of such leases. Sanmina has seven principal facilities located in the
greater San Jose, California area, with other facilities located in Richardson,
Texas, Manchester, New Hampshire, Guntersville, Alabama, Raleigh, North Carolina
and Guaymas, Mexico. Golden Eagle's facility, which is owned by the Company, is
located in Carrollton, Texas. In addition, Sanmina has entered into an agreement
to purchase a 50,000 square foot facility located in Dublin, Ireland, and
Sanmina expects to commence operations in such facility in the first half of
calendar 1997. See "Item 1 -- Manufacturing and Engineering -- Facilities."

Sanmina believes that its facilities are adequate to meet its
reasonably foreseeable requirements for at least the next two years. The Company
continually evaluates its expected future facilities requirements.

ITEM 3. LEGAL PROCEEDINGS

The Company is not currently a party to any material pending legal
proceedings.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

-13-
14
PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS

The information required by this item is incorporated by reference to
page 16 of the Registrant's 1996 annual report to stockholders under the caption
"quarterly results."

ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA

The information required by this item is incorporated by reference to
page 14 of the Registrant's 1996 annual report to stockholders under the caption
"Selected Consolidated Financial Data."

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The information required by this item is incorporated by reference to
pages 12 through 19 of the Registrant's 1996 annual report to stockholders under
the caption "Management's Discussion and Analysis of Financial Condition and
Results of Operations."

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this item is incorporated by reference to
pages 21 through 29 of the Registrant's 1996 annual report to stockholders.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

Not applicable.

-14-
15

PART III

Certain information required by Part III is omitted from this Report
on Form 10-K in that the Registrant will file a definitive proxy statement
within 120 days after the end of its fiscal year pursuant to Regulation 14A with
respect to the 1997 Annual Meeting of Stockholders (the "Proxy Statement") to be
held January 31, 1997 and certain information included therein is incorporated
herein by reference.

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The information required by this item relating to directors is
incorporated by reference to the information under the caption "Proposal No. 1
- -- Election of Directors" in the Proxy Statement.

The executive officers of the Registrant, who are elected by the board
of directors, are as follows:

NAME AGE POSITION
---- --- --------

Jure Sola 45 Chairman and Chief Executive Officer

Randy W. Furr 42 President and Chief Operating Officer and Acting Chief
Financial Officer

Eric Naroian 34 Vice President of Sales

Michael Sparacino 42 Vice President of Marketing

Mr. Sola co-founded Sanmina in 1980 and initially held the position of
Vice President of Sales and was responsible for the development and growth of
the Company's sales organization. He became Vice President and General Manager
in October 1987 with responsibility for all manufacturing operations as well as
sales and marketing. Mr. Sola was elected President in October 1989 and has
served as Chairman of the Board and Chief Executive Officer since April 1991.
Mr. Sola relinquished the title of President when Mr. Furr was appointed to such
position in March 1996.

Mr. Furr joined Sanmina as Vice President and Chief Financial Officer
in August 1992. In March 1996, Mr. Furr was appointed President and Chief
Operating Officer. In addition, Mr. Furr is currently serving as Acting Chief
Financial Officer, although a search for a new Chief Financial Officer is
underway. From April to August 1992, Mr. Furr was Vice President and Chief
Financial Officer of Aquarius Systems Inc. North America ("ASINA"), a
manufacturer of personal computers. Prior to working at ASINA, he held numerous
positions in both financial and general management for General Signal
Corporation during a 13 year period, serving most recently as Vice President and
General Manager of General Signal Thinfilm Company. Mr. Furr is a Certified
Public Accountant.

Mr. Naroian joined Sanmina in August 1993 as the Western Regional
Sales Manager. From July 1987 to until joining Sanmina, Mr. Naroian was the Vice
President of Sales and Marketing at Sigma Circuits, Inc., a manufacturer of
electronic interconnect products. Mr. Naroian became Vice President of Sales for
the Company in February 1995.

-15-
16
Mr. Sparacino joined Sanmina in December 1995 as Vice President of
Sales and Marketing. From December 1993 until joining Sanmina, Mr. Sparacino
served as Vice President of Sales and Marketing of Tanon Corporation, an
electronics contract manufacturing company. From 1984 until December 1993, Mr.
Sparacino held various sales, marketing and manufacturing management positions
with Solectron Corporation, serving most recently as Director of Sales.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this item is incorporated by reference to
the information under the caption "Executive Compensation" in the Proxy
Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information required by this item is incorporated by reference to
the information under the caption "Record Date and Stock Ownership" in the Proxy
Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required by this item is incorporated by reference to
the information under the caption "Certain Transactions" in the Proxy Statement.

-16-
17
PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) 1. Financial Statements

The following Financial Statements of Sanmina
Corporation and Report of Independent Public
Accountants are incorporated by reference to pages 21
through 29 of the Registrant's 1996 annual report to
stockholders:

Report of Independent Public Accountants

Consolidated Balance Sheets, As of September
30, 1996 and 1995

Consolidated Statements of Operations, Years
Ended September 30, 1996, 1995 and 1994

Consolidated Statements of Stockholders'
Equity, Years Ended September 30, 1996, 1995
and 1994

Consolidated Statements of Cash Flows, Years
Ended September 30, 1996, 1995 and 1994

Notes to Consolidated Financial Statements

2. Financial Statement Schedule

The following financial statement schedule of Sanmina
Corporation is filed as part of this report on Form
10-K and should be read in conjunction with the
Financial Statements of Sanmina Corporation
incorporated by reference herein:

Schedule II -- Valuation and Qualifying
Accounts

Report of Independent Public Accountants on
Schedule

All other schedules are omitted because they are not
applicable or the required information is shown in
the Financial Statements or the notes thereto.

3. Exhibits

Refer to (c) below.

(b) Reports on Form 8-K

The Company did not file any reports on Form 8-K
during the fiscal quarter ended September 30, 1996.

-17-
18
On November 15, 1996, the Company filed with the
Commission a report on Form 8-K relating to the
acquisition of the Guntersville, Alabama assets and
business of Comptronix Corporation. Pro forma financial
information relating to such transaction will be filed
with the Commission within the time frame prescribed by
Regulation S-X and the rules regarding reporting on
Form 8-K.

Exhibit
Number Description
- --------------------------------------------------------------------------------

3.2 Restated Certificate of Incorporation of Registrant.

3.3(1) Bylaws of Registrant, as amended.

4.2(1) Specimen Stock Certificate.

10.4(1) Form of Indemnification Agreement.

10.2(4) Amended 1990 Incentive Stock Plan.

10.3(1) 1993 Employee Stock Purchase Plan.

10.9(k)(2) Amended and Restated Credit Agreement dated as of August 18,
1993 among Sanmina Corporation, Chemical Bank and other
lenders.

10.9(k)(a) Amendment dated July 27, 1995 to Amended and Restated Credit
Agreement dated August 18, 1993.

10.9(1)(2) Revolving Credit Note, $12,000,000.00, Chemical Bank.

10.10(1) Lease for premises at 2109 O'Toole Avenue, Suites A-E, San
Jose, California (Portion of Plant I).

10.11(1) Lease for premises at 2101 O'Toole Avenue, San Jose,
California (Portion of Plant I).

10.12(1) Lease for premises at 2539 Scott Boulevard, Santa Clara,
California (Plant III).

10.14(1) Lease for premises at 2060-2068 Bering Drive, San Jose,
California (Plant II).

10.15(1) Lease for premises at 4220 Business Center Drive, Fremont,
California (Plant V).

10.16(1) Lease for premises at McCarthy Boulevard, Milpitas,
California (Plant VI).

10.17(1) Lease for premises at 2121 O'Toole Avenue, San Jose,
California (Corporate Headquarters).

10.19(2) Lease for premises at 1250 American Parkway, Richards, Texas
(Plant VII).

-18-
19
10.20(2) Lease for premises at 6453 Kaiser Drive, Fremont, California
(Plant VIII).

10.21(3) Asset Purchase Agreement dated September 28, 1994 between
Registrant and Comptronix Corporation.

10.22(4) Lease for premises at 355 East Trimble Road, San Jose,
California.

10.23(5) Stock Purchase Agreement dated May 31, 1995 between Sanmina
Corporation, Assembly Solutions, Inc. and the principal
stockholders of Assembly Solutions, Inc.

10.24(6) Indenture dated August 15, 1995 between Registrant and Norwest
Bank Minnesota, N.A. as Trustee.

10.25(7) Asset Purchase Agreement dated September 20, 1996 between
Registrant and Comptronix Corporation.

13 Annual Report to Stockholders.

21 Subsidiaries of the Registrant.

23 Consent of Arthur Andersen LLP.

27 Financial Data Schedule

- --------------------------

(1) Incorporated by reference to the like-numbered exhibits previously
filed with Registrant's Registration Statement on Form S-1, No.
33-70700 filed with the Securities and Exchange Commission ("SEC") on
February 19, 1993.

(2) Incorporated by reference to the like-numbered exhibits previously
filed with Registrant's Registration Statement on Form S-1 No. 33-70700
filed with the SEC on October 22, 1993.

(3) Incorporated by reference to exhibit no. 2 previously filed with
Registrant's Report on Form 8-K filed with the SEC on October 28, 1994.

(4) Incorporated by reference to the like-numbered exhibits previously
filed with Registrant's Report on Form 10-K filed with the SEC on
December 29, 1994.

(5) Incorporated by reference to the like-numbered exhibit previously filed
with Registrant's Report on Form 10-Q filed with the SEC on July 31,
1995.

(6) Incorporated by reference to the like-numbered exhibit previously filed
with Registrant's Report on Form 10-K for the fiscal year ended
September 30, 1995.

(7) Incorporated by reference to exhibit 2 previously filed with the
Registrant's Report on Form 8-K filed with the SEC on November 15,
1996.

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20
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

SANMINA CORPORATION Date: December 23, 1996

By: /s/ JURE SOLA
------------------------------------
Jure Sola
Chairman and Chief Executive Officer

KNOW ALL MEN AND WOMEN BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Jure Sola and Randy W. Furr,
jointly and severally, his or her attorneys-in-fact, and each with the power of
substitution, for him or her in any and all capacities, to sign any amendments
to this Report on Form 10-K, and to file the same, with exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, hereby ratifying and confirming all that each of said
attorneys-in-fact, or his or her substitute or substitutes, may do or cause to
be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.

/s/ JURE SOLA Chairman, Chief Executive Officer December 23, 1996
- -------------------------- and Director (Principal Executive
Jure Sola Officer)

/s/ RANDY W. FURR President and Chief December 23, 1996
- -------------------------- Operating Officer, Acting
Randy W. Furr Chief Financial Officer (Principal
Financial and Accounting Officer)

/s/ NEIL BONKE Director December 23, 1996
- --------------------------
Neil Bonke

/s/ JOHN BOLGER Director December 23, 1996
- --------------------------
John Bolger

/s/ BERNARD VONDERSCHMITT Director December 23, 1996
- --------------------------
Bernard Vonderschmitt

-20-

21
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

SANMINA CORPORATION Date: December 23, 1996

By:
------------------------------------
Jure Sola
Chairman and Chief Executive Officer

- ------------------------- Chairman, Chief Executive Officer December 23, 1996
Jure Sola and Director (Principal Executive Officer)

- ------------------------- President and Chief December 23, 1996
Randy W. Furr Operating Officer, Acting
Chief Financial Officer (Principal
Financial and Accounting Officer)

- ------------------------- Director December 23, 1996
Neil Bonke

- ------------------------- Director December 23, 1996
John Bolger

- ------------------------- Director December 23, 1996
Bernard Vonderschmitt

-20-

22
Schedule II
SANMINA CORPORATION

VALUATION AND QUALIFYING ACCOUNTS
(IN THOUSANDS)

BALANCE AT CHARGED TO
BEGINNING OF COSTS AND BALANCE AT
PERIOD EXPENSES DEDUCTIONS END OF PERIOD
------ -------- ---------- -------------

Allowance for Doubtful Accounts and
Returns

Fiscal year ended September 30, 1994 .... $353 $271 $-- $ 624

Fiscal year ended September 30, 1995 .... $624 $361 $56 $ 929

Fiscal year ended September 30, 1996 .... $929 $527 $38 $1,418

S-1
23
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON SCHEDULE

To the Board of Directors and Stockholders
of Sanmina Corporation:

We have audited in accordance with generally accepted auditing standards, the
financial statements included in Sanmina Corporation's annual report to
shareholders incorporated by reference in this Form 10-K, and have issued our
report thereon dated October 23, 1996. Our audit was made for the purpose of
forming an opinion on those statements taken as a whole. The schedule at Item
14(a)2 above is the responsibility of the Company's management and is presented
for purposes of complying with the Securities and Exchange Commission's rules
and is not part of the basic financial statements. This schedule has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, fairly states in all material respects the
financial data required to be set forth therein in relation to the basic
financial statements taken as a whole.

ARTHUR ANDERSEN LLP

San Jose, California
October 23, 1996

S-2
24
EXHIBIT INDEX

Exhibit
No. Description
------- -----------

3.2 Restated Certificate of Incorporation of Registrant

13 Annual Report to Stockholders

21 Subsidiaries of the Registrant

23 Consent of Arthur Andersen LLP

27 Financial Data Schedule