After years of pursuing acquisition after acquisition, Solectron now finds itself as the acquisition target. Today, Flextronics agreed to purchase Solectron for a reported $3.6B.

Solectron had once pursued a strategy of integrating in-house design activity, buying embedded computing companies like Force Computers and SMART Modular Technologies, to add to its manufacturing portfolio which eventually grew to include NatSteel Electronics and C-MAC Industries. Solectron eventually reversed the in-house design strategy, spinning those entities off to other buyers.

iSuppli’s Adam Pick reports that Cisco’s continued shifting of its inventory into Solectron became an increasing drag on earnings, forcing their hand to partner with another EMS firm like Flextronics.