FOR IMMEDIATE RELEASE

PLEXUS ANNOUNCES FINANCIAL RECAPITALIZATION

$150 Million in Long-Term Debt and $200 Million Share Repurchase Approval

NEENAH, WI, February 25, 2008 -- Plexus Corp. (NASDAQ: PLXS) today announced that its Board of Directors has approved a financial recapitalization of the Company under which the Company plans to enter into a $150 million long-term debt facility and initiate a share repurchase program to repurchase up to $200 million of its common stock.

“This announcement reflects our ongoing commitment to our shareholders’ total return,” stated Dean Foate, President and Chief Executive Officer. “We believe that repurchasing Plexus stock at current market prices is an attractive use of our capital with the potential to create significant shareholder value. We remain optimistic about achieving our long-term growth goals while delivering returns on invested capital in excess of our weighted average cost of capital. This recapitalization supports these objectives.”

Ginger Jones, Chief Financial Officer, added: “Over the last several months we have conducted a comprehensive review of our capital structure, and believe that a moderate amount of debt at the current favorable interest rates strikes the right balance for Plexus. We believe the resulting capital structure and our free cash flow allow us the flexibility to return excess cash to our shareholders, while generating the resources to continue to invest to support our growth plans.”

In connection with the new share repurchase program, the Company has entered into accelerated share repurchase agreements with Morgan Stanley & Co. Incorporated to repurchase $100 million of its common stock. The Company will pay Morgan Stanley $100 million on February 26, 2008 in exchange for a variable number of shares. Morgan Stanley will deliver the initial shares, approximately 2.2 million, to the Company on the same date. The final number of shares to be repurchased will be based upon the volume-weighted average daily trading price of the Company’s common stock during the transaction period, which is expected to continue through June 2008. The timing and actual number of shares repurchased will depend on a variety of factors including the market price of the Company’s common stock. The Company intends to effect the remaining $100 million repurchase in the open market and expects to complete these repurchases by the end of calendar 2008, although the Company does not have a schedule or commitment for the repurchase of these additional shares. This new repurchase authorization replaces the Company’s existing authorization to repurchase up to $25 million in common stock.

The Company intends to fund the share repurchase program with existing cash and new long-term debt of $150 million. BMO Capital Markets is acting as Lead Arranger for a committed, 5-year Senior Unsecured Term Loan. The interest rate on this loan will be based on a spread over LIBOR. This borrowing transaction is expected to close by the end of the Company’s fiscal second quarter, subject to entry into definitive lending agreements.

The Company currently anticipates that the recapitalization will be accretive to diluted earnings per share for 2008, with accretion of approximately $0.01 in the second fiscal quarter.

For further information, please contact:

Ginger Jones, Vice President, Chief Financial Officer

920-751-5487 or ginger.jones@plexus.com

About Plexus Corp. – The Product Realization Company

Plexus ( www.plexus.com ) is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.

The Company’s unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in mid-to low-volume, higher-mix customer programs that require flexibility, scalability, technology and quality.

Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and Asia.

Safe Harbor and Fair Disclosure Statement

The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including “believe,” “expect,” “intend,” ”plan,” “anticipate,” “goal,” “target” and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. In particular, we cannot assure any particular market reaction to share repurchases, or related effects on the value of our shares, because that reaction is not under our control and is subject to changes in the market unrelated to Plexus. In addition, the long-term debt is subject to the negotiation, execution and closing of related agreements and the occurrence of conditions which will be included in those agreements. Plexus' future performance is subject to many other factors, including, but not limited to: the economic performance of the electronics, technology and defense industries; the risk of customer delays, changes or cancellations in both ongoing and new programs; the poor visibility of future orders in the defense market sector and the uncertainty of defense appropriations and spending; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; the Company’s ability to secure new customers and maintain its current customer base; the risks of concentration of work for certain customers; material cost fluctuations and the adequate availability of components and related parts for production; the effect of changes in average selling prices; the effect of start-up costs of new programs and facilities, including our expansions in Asia; the adequacy of restructuring and similar charges as compared to actual expenses; the degree of success and the costs of efforts to improve the financial performance of its Mexican operations; possible unexpected costs and operating disruption in transitioning programs; the costs and inherent uncertainties of pending litigation; the effect of general economic conditions and world events (such as increases in oil prices, terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company’s Securities and Exchange Commission filings - in particular in "Risk Factors" in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended December 29, 2007.

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