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EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Contacts:
December 29, 2000 Troy McCombs for IFT
Coltrin & Associates
(212) 221-1616
Sheldahl, Inc. Jennifer Weichert for Sheldahl
1150 Sheldahl Road Weichert Financial Relations, Inc.
Northfield, MN 55057 (651) 261-5330
SHELDAHL AND INTERNATIONAL FLEX TECHNOLOGIES COMPLETE MERGER
COMPANY APPOINTS NEW CHIEF EXECUTIVE OFFICER; CASH INFUSION STRENGTHENS
BALANCE SHEET
Northfield, MN -- December 29, 2000 - Sheldahl, Inc. (NasdaqNM: SHEL) and
International Flex Technologies, Inc. (IFT) today announced they have completed
the previously announced merger of the two companies. In connection with the
merger, Sheldahl has appointed Donald R. Friedman as its Chief Executive Officer
and Edward L. Lundstrom has resigned from the Company. Mr. Friedman previously
held the position of CEO at IFT. Sheldahl will operate under its current name
with IFT as an operating subsidiary. Sheldahl will continue to be listed on the
Nasdaq National Market and trade under its current stock symbol.
In connection with the merger, Morgenthaler Partners, Ampersand Ventures and
Molex Incorporated have each completed their respective previously announced
equity and debt investments in the Company. Details of the transactions were
filed by Sheldahl in Forms 8-K on November 13, 2000 and December 20, 2000, both
of which can be found on the Company's website at www.sheldahl.com.
"Completion of the transactions represents the culmination of months of hard
work. Together, the two companies have excellent prospects for growth and
development benefiting Sheldahl's shareholders, customers and employees in the
coming months and years," said John Lutsi, the new Chairman of Sheldahl and
general partner at Morgenthaler. "We are pleased that Don has accepted his new
role as Sheldahl's CEO. Under Don's previous leadership, IFT became a major
force in the market, offering customers unmatched world-class products and
technology. We will look to him to leverage the complementary strengths of these
two businesses."
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"I am very pleased to be part of the new Sheldahl. We have an excellent
opportunity to create a strong and vibrant company," said Mr. Friedman. "Over
the next 100 days, we will be carefully reviewing every aspect of Sheldahl's
business to improve processes, reduce infrastructure costs and enhance
performance."
Sheldahl, Inc. is a leading producer of high-density substrates, high quality
flexible printed circuitry, and flexible laminates primarily for sale to the
automotive electronics and data communications markets. The Company, which is
headquartered in Northfield Minnesota, has operations in Northfield: Longmont,
Colorado; South Dakota; Toronto, Ontario, Canada; and Chihuahua, Chih., Mexico.
Sheldahl's Commons Stock trades on the Nasdaq National Market tier of the Nasdaq
Stock Market under the Symbol: SHEL. Sheldahl news and information can be found
on the World Wide Web at http://www.sheldahl.com.
International Flex Technologies Inc., now a wholly owned subsidiary of Sheldahl,
is a leading producer of fine-line, high quality flexible circuits for sale to
the electronics, data communications and medical markets. The company, now a
division of Sheldahl has operations in Endicott, New York. Information on IFT
can be found on the World Wide Web at http://www.internationalflex.com.
Morgenthaler Partners is a private equity investment firm with offices in
Cleveland, Ohio and Menlo Park, California, with approximately $1.0 billion
under management. Information on Morgenthaler can be found on the World Wide Web
at http://www.morgenthaler.com .
Ampersand Ventures is a private equity investment firm with offices in
Wellesley, Massachusetts and San Diego, California, with approximately $350
million in capital under management. Information on Ampersand Ventures can be
found on the World Wide Web at http://www.ampersandventures.com
Molex Incorporated is a 62-year-old manufacturer of electronic, electrical and
fiber optic interconnection products and systems; switches; value-added
assemblies; and application tooling. Based in Lisle, Illinois, USA, the Company
operates 52 manufacturing facilities in 19 countries and employs approximately
17,650 people. For more information please go to http://www.molex.com.
The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's periodic
filings. Actual results may differ materially depending on a variety of factors,
including, but not limited to the following: the achievement of Sheldahl's
projected operating results, the ability of Sheldahl to successfully obtain
waivers from its lenders for defaults on its debt covenants, the achievement of
efficient volume production and related sales revenue results at Longmont, the
ability of Sheldahl to identify and successfully pursue other business
opportunities. Additional information with respect to the risks and
uncertainties faced by Sheldahl may be found in, and the prior discussion is
qualified in its entirety by, the Risk Factors contained in the Company's
filings with the Securities and Exchange Commission including Sheldahl's Annual
Report, Form 10-K for the fiscal year ended September 1, 2000, and other SEC
filings. Sheldahl does not undertake any obligation to update any such factors
or to publicly announce developments or events relating to the matters described
herein.
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