Issue link: https://iconnect007.uberflip.com/i/1538100
28 SMT007 MAGAZINE I AUGUST 2025 F E AT U R E I N T E RV I E W by N o l a n J o h n s o n , I - C o n n e ct 0 07 The Power Shift in U.S. Manufacturing Ownership T he U.S. manufacturing landscape is driven by reshoring initiatives, supply chain realign- ments, and a surge of foreign interest. What does that mean for U.S.-based PCB and EMS com- panies? In this interview, mergers and acquisi- tions expert Tom Kastner breaks down the forces reshaping the industry—why foreign investors are eager to enter the U.S. market, why many are evaluating greenfield facilities over acquisitions, and why the high-mix, low-volume focus of most domestic shops doesn't always align with foreign buyers' goals. Tom explains how these trends are redefining competition and creating both opportunities and risks for U.S. companies. Whether you're a shop owner, investor, or simply watching the reshor- ing movement, you'll get a clear-eyed look at the future of U.S. electronics manufacturing and its increasingly global ownership. Nolan Johnson: There has been a trend over the past couple of years toward foreign investment in U.S. manufacturing. We see both domestic companies adding to their capabilities and for- eign investment. Are we simply shifting from a foreign-delivered supply chain to a U.S. supply chain that's foreign-owned? Tom Kastner: I don't see non-U.S. companies own- ing the majority of shops in the PCB or the EMS sector. I don't see a takeover of the industries.