Flash's senior management team will remain in place, with chairman Matthew Liu and president Chin Fan maintaining equity stakes in the new company. 
 
ASTEEL/Flash will be privately held and headquartered in Paris.
 
Founded in 1999, ASTEEL has 12 manufacturing locations between France and Tunisia. The company has a subsidiary in Romania and plans to acquire an EMS company in the UK.
 
Fremont, CA-based Flash was founded in 1994, and has four manufacturing sites in the Silicon Valley, totaling more than 180,000 sq. ft., plus a 340,000 sq. ft. plant in Suzhou and a 56,000 sq. ft. facility in Shanghai.