Plexus loses Juniper's business, shares tumble
Nov 6 (Reuters) - Contract electronics manufacturer Plexus Corp said it would no longer make switches and network gear for its largest customer, Juniper Networks Inc, sending its shares down more than 20 percent after the bell.
The company did not give a reason for the contract loss but is expected to discuss the development in a conference call scheduled for Wednesday morning,
``This is very surprising news to us given our recent communications and activities with Juniper,'' Plexus CEO Dean Foate said in a statement.
For the year ended October 2011, Juniper accounted for 17 percent of Plexus' total sales of $2.23 billion.
Juniper wasn't immediately available for a comment.
Neenah, Wisconsin-based Plexus is a contract manufacturer of technical equipment and gets almost half of its revenue from sales of network and wireless infrastructure equipment.
Pleaxus shares were trading at $21.40 in extended trading, having closed at $27.96 on Tuesday on the Nasdaq.