SAN JOSE and NORTHFIELD, MN, Aug. 16 -- The PCB division of Flextronics will acquire one the oldest and largest makers of flex circuits in North America in a stock-for-stock deal. The acquisition is expected to increase Flextronics' annual revenues by $80 million.

Multek, a wholly owned division of Flextronics, will acquire Sheldahl, a leading provider of flexible interconnect products and electronic materials. The deal is expected to close at the end of August.

Founded in 1955 and publicly traded until emerging from bankruptcy in 2002, Sheldahl employs 450 and has facilities in Northfield, the Philippines and Mexico. It is owned primarily by Ampersand Venture Capital, Molex Inc. and Morgenthaler Partners.

Multek manufactures rigid printed circuit boards.

In a statement, Sheldahl president and CEO Benoit Pouliquen said, "This acquisition will strengthen our position as an industry leader in flexible interconnect and materials technologies and provide access to Multek's key resources and geographies, such as China."