NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Engaged Capital, LLC (together with its affiliates, “Engaged Capital”), an investment firm specializing in enhancing the value of small and mid-cap North American equities and a 4.9% shareholder of Benchmark Electronics, Inc. (“BHE” or the “Company”) (NYSE: BHE), issued the following statement in connection with its campaign to elect three highly-qualified directors at the Company’s upcoming May 11, 2016 Annual Meeting of Shareholders. The statement is also available on Engaged Capital’s website www.adeeperbench.com.
“BHE’s first quarter results underscores the need for change. Working capital metrics continue to deteriorate, management continues to obfuscate the performance of Secure, and BHE shares continue to underperform. BHE’s weak quarterly earnings stand in stark contrast to competitors Plexus and Celestica, which both reported strong earnings today. We believe shareholders should question the Board and management of BHE who continue to waste valuable shareholder capital in an effort to resist the appointment of Engaged Capital’s highly-qualified nominees.”
“Our nominees Robert Gifford, Jeffrey McCreary and Brendan Springstubb have decades of experience in the EMS industry, significant expertise in supply chain management, and a demonstrated track record of value creation for shareholders. We believe our nominees will add significant value inside the board room. The Board’s continued resistance to outside perspectives is a troubling sign that, despite BHE’s persistent underperformance, the incumbent directors appear to be putting pride and their own pecuniary interests ahead of the interests of BHE shareholders.”
“Our highly-qualified candidates, whose interests are fully aligned with the interest of all BHE shareholders, bring the necessary skills and expertise to fix BHE’s inefficient working capital, bring discipline to capital allocation, and will work diligently to correct management’s flawed incentive compensation program and improve investor communications – all with the goal of creating lasting value for the shareholders. Vote today to let the Board know: “The time for change is now!”
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If you have any questions, or require assistance with your vote, please contact Morrow & Co., LLC, toll- free at (800) 662-5200, call direct at (203) 658-9400 or email: engaged@morrowco.com
About Engaged Capital:
Engaged Capital, LLC (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of undervalued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California.