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The U.S. manufacturing landscape is driven by reshoring initiatives, supply chain realignments, and a surge of foreign interest. What does that mean for U.S.-based PCB and EMS companies? In this interview, mergers and acquisitions 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 reshoring 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 foreign 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 owning the majority of shops in the PCB or the EMS sector. I don't see a takeover of the industries. Frankly, it's contributing to the strength of the sectors. We get a lot of inquiries from foreign companies. Many prospective foreign investors are finding a big mismatch between what foreign companies want and what's available in the U.S., especially on the bare board side but as well as on the EMS side.
Foreign companies often look for well-financed and well-equipped shops. Of course, those exist, but for the most part, U.S. companies are focused on middle and low volume, high mix, which might interest many foreign companies, especially on the PC board fab side. The amount of investment that U.S. companies have made is not on a par with what foreign companies are looking for.
To read the entire interview, which appeared in the August 2025 SMT007 Magazine, click here.
