1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended................December 31, 2000......................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from.......................to.........................
Commission file number.........000-14824.................[Plexus Corp.]
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
PLEXUS CORP. 401(K) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
PLEXUS CORP.
55 JEWELERS PARK DRIVE
NEENAH, WISCONSIN 54956
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PLEXUS CORP.
401(k) SAVINGS PLAN
FINANCIAL STATEMENTS AND REPORT
DECEMBER 31, 2000 AND 1999
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PLEXUS CORP.
401(k) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
Page
----
Report of Independent Accountants 1
Statements of Net Assets Available for Benefits
as of December 31, 2000 and 1999 2
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 2000 3
Notes to Financial Statements 4-7
Schedule Required by the Department of Labor's Rules and Regulations: *
Form 5500, Schedule of Assets Held for Investment
Purposes at End of Year as of December 31, 2000 8
* Other schedules required by the Department of Labor have been omitted because
they are not applicable.
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Plexus Corp. 401(k) Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Plexus Corp. 401(k) Savings Plan (the "Plan") as of December 31, 2000 and
1999, and the changes in net assets available for benefits for the year ended
December 31, 2000 in conformity with accounting principles generally accepted in
the United States of America. These financial statements are the responsibility
of the Plan's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets Held
for Investment Purposes at End of Year is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
May 18, 2001
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PLEXUS CORP. 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2000 AND 1999
2000 1999
--------------- ---------------
Assets
Investments (See Note 3) $ 89,944,551 $ 66,922,782
Participant loans 2,739,301 76,742
Receivables:
Employer's contribution 73,977 53,397
Participants' contributions 243,955 161,158
--------------- ---------------
Total receivables 317,932 214,555
--------------- ---------------
Net assets available for benefits $ 93,001,784 $ 67,214,079
=============== ===============
The accompanying notes are an integral part of these financial statements.
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PLEXUS CORP. 401(k) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2000
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 11,143,274
Interest and dividends 3,820,608
-------------
14,963,882
-------------
Contributions:
Participants' 7,169,663
Employer's 1,897,467
-------------
9,067,130
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Total additions 24,031,012
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 8,371,611
Administrative expenses 26,308
-------------
Total deductions 8,397,919
Net increase before plan transfers 15,633,093
Transfer from other plans 10,154,612
-------------
Net increase 25,787,705
Net assets available for benefits:
Beginning of year 67,214,079
-------------
End of year $ 93,001,784
=============
The accompanying notes are an integral part of these financial statements.
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PLEXUS CORP. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
1. DESCRIPTION OF PLAN
The following description of the Plexus Corp. 401(k) Savings Plan (the
"Plan") provides only general information. Participants should refer to
the plan agreement for a more complete description of the Plan's
provisions.
GENERAL
The Plan, originally effective January 1, 1989 and amended and restated
effective March 1, 2000, is a contributory defined contribution plan
covering substantially all employees of Plexus Corp. (the "Company")
who have completed 90 days of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). Effective March 1, 2000, the SeaMED Corporation Employee
Savings Plan and Trust (the "SeaMED Plan") merged into the Plan and the
Plan's name changed from Plexus Corp. Employee Stock Savings Plan to
Plexus Corp. 401(k) Savings Plan. Additionally, MFS Heritage Trust
Company became the trustee of the Plan on March 1, 2000. Prior to that
date, Riggs & Company was the trustee of the Plan.
CONTRIBUTIONS
Employee pre-tax contributions are based on voluntary elections via
phone or internet by the participants, directing the Company to defer a
stated amount from the participant's compensation. Participants may
elect to defer up to 18% of their annual compensation. The Company will
make a matching contribution on behalf of a participant equal to 100%
of the first 2.5% of the participant's elective deferrals for
participants who have completed one year of service. Contributions are
limited by Section 401(k) of the Internal Revenue Code.
INVESTMENT ALTERNATIVES
Plan participants may direct their entire account balances in 1%
increments to any of the various investment options offered by the
Plan. Participants may change their investment options on a daily
basis.
PARTICIPANT ACCOUNTS AND ALLOCATIONS
Each participant's account is credited with the participant's
contributions and allocations of Company contributions and plan
earnings. Allocations of plan earnings are based on participant account
balances in relation to total fund account balances, as defined by the
plan document. Participants in the Plexus Unitized Stock Fund are
allocated an undivided interest in the shares held by the fund.
VESTING AND DISTRIBUTIONS
Participants immediately vest in all contributions made to the Plan.
Participant accounts are distributable in the form of a lump sum
payment of cash or in whole shares of Company securities as elected by
the participant upon retirement, termination of employment, death,
disability, financial hardship or attainment of age 59-1/2. In
addition, participant accounts can be rolled over into an individual
retirement account ("IRA") or another qualified defined contribution
plan. Participant distributions may not be deferred past April 1 of the
calendar year following the year in which the participant attains age
70-1/2. Forfeitures of unclaimed distributions are used to reduce
Company matching contributions.
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PLEXUS CORP. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
PARTICIPANT LOANS
Effective March 1, 2000, participants may borrow from their accounts a
minimum of $1,000 up to a maximum amount equal to the lesser of $50,000
or 50 percent of their vested account balance. Loan terms range up to
five years. Loans are secured by the balance in the participant's
account and bear interest at the prime rate plus one percent. Principal
and interest is paid ratably through regular payroll deductions.
2. SUMMARY OF ACCOUNTING POLICIES
ACCOUNTING METHOD
The financial statements of the Plan are prepared under the accrual
method of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets,
liabilities, and changes therein, and disclosure of contingent assets
and liabilities. Actual results could differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are stated at fair value based on quoted market values on
the last business day of the plan year. Participant loans are stated at
cost, which approximates fair value. The Plan presents in the statement
of changes in net assets available for benefits, the net appreciation
in the fair value of its investments which consists of the realized
gains or losses and the unrealized appreciation (depreciation) on those
investments. Purchases and sales of investments are recorded on a
trade-date basis. Dividends are recorded on the ex-dividend date.
Interest is recognized when earned.
RISKS AND UNCERTAINTIES
The Plan's investments are exposed to various risks, such as interest
rate, market and credit risks. Due to the level of risk associated with
certain investments and the level of uncertainty related to changes in
the values of investments, it is at least reasonably possible that
changes in risks in the near term would materially affect participants'
account balances and the amounts reported in the statements of net
assets available for benefits and the statement of changes in net
assets available for benefits.
RECLASSIFICATIONS
Certain reclassifications have been made to the December 31, 1999
financial statements to conform with the presentation used in the
current year.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
ADMINISTRATIVE EXPENSES
Certain expenses incurred in the administration of the Plan are paid by
the Company and are not reflected within these financial statements.
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PLEXUS CORP. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
3. INVESTMENTS
The following presents investments that represent 5 percent or more of
the Plan's net assets:
December 31,
-----------------------------------
2000 1999
---------------- ----------------
Plexus Unitized Stock Fund, 3,794,128 and
1,098,792 units, respectively $ 42,190,708 $ 34,636,129
MFS Capital Opportunities Fund, 519,745 and 0
shares, respectively 9,298,245 -
Munder Index 500 Fund, 230,013 and 207,882
shares, respectively 6,346,057 6,436,031
MFS Equity Income Fund, 274,389 and 0
shares, respectively 5,830,772 -
MFS Mid Cap Growth Fund, 539,869 and 0
shares, respectively 7,390,809 -
American EuroPacific Growth Fund, 143,351
and 96,350 shares, respectively 4,494,068 4,110,276
Oppenheimer Quest Opportunity Value Fund,
0 and 121,757 shares, respectively - 4,195,738
AIM Value Fund, 0 and 127,871 shares,
respectively - 6,243,961
AIM Constellation Fund, 0 and 134,152
shares, respectively - 5,434,524
During 2000, the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated in value by
$11,143,274, as follows:
Mutual funds $ (7,918,516)
Common stock 19,061,790
----------------
$ 11,143,274
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PLEXUS CORP. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
4. AMOUNTS ALLOCATED TO WITHDRAWN PARTICIPANTS
Approximately $81,313 and $3,214,907 of plan assets have been allocated
to the accounts of persons who are no longer active participants of the
Plan as of December 31, 2000 and 1999, respectively, but who have not
yet received distributions as of that date.
5. TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated May 6, 1998, that the Plan is designed in accordance
with applicable sections of the Internal Revenue Code ("IRC"). The Plan
has been amended since receiving the determination letter. However, the
plan administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the
IRC.
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA.
7. RELATED PARTY TRANSACTIONS
Certain plan investments represent shares of funds managed by MFS
Heritage Trust Company, the trustee of the Plan, employer securities
and participant loans. These transactions are considered
party-in-interest transactions. These transactions are not, however,
considered prohibited transactions under 29 CFR 408(b) of the ERISA
regulations.
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PLEXUS CORP. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
DECEMBER 31, 2000
Identity of Issuer,
Borrower, Lessor Current
or Similar Party Description of Investment Value
--------------------------------------------- ------------------------------------------ ------------------
* Plexus Corp. Unitized Stock Fund Unitized Stock Fund $ 42,190,708
* MFS Capital Opportunities Fund Mutual Fund 9,298,245
* MFS Strategic Income Fund Mutual Fund 1,059,445
* MFS Mid Cap Growth Fund Mutual Fund 7,390,809
* MFS Equity Income Fund Mutual Fund 5,830,772
* MFS New Discovery Fund Mutual Fund 4,340,718
* MFS Fixed Fund Common Trust Fund 3,289,130
American EuroPacific Growth Fund Mutual Fund 4,494,068
INVESCO Balanced Fund Mutual Fund 1,760,714
Janus Aspen Worldwide Fund Mutual Fund 2,201,304
Janus Aspen Aggressive Growth Fund Mutual Fund 875,366
Munder Index 500 Fund Mutual Fund 6,346,057
Dreyfus Premier Technology Fund Mutual Fund 867,215
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$ 89,944,551
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* Participant Loans Interest rates ranging from 7.9%
to 10.5%; Maturity dates ranging
from 2001 to 2005 $ 2,739,301
==================
* Party-in-interest.
See Report of Independent Accountants.
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
PLEXUS CORP. 401(K) SAVINGS PLAN
Date: June 25, 2001 /s/ Jos. D. Kaufman
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Joseph D. Kaufman
Employee Stock Savings Plan Fiduciary
Committee Member