In the 1990s, electronics end markets were very dynamic with explosive demand and shorter product life cycle. At the same time, production technology also improved from PTH (Pin Through Hole) to SMT (Surface Mounting Technology), the cost of which becomes a critical consideration for global original equipment manufacturing (OEM) firms to invest. As such, outsourcing production to electronics manufacturing services (EMS) firms became a popular strategic move for global OEM firms, which helps OEMs remain cost competitive and achieve faster time-to-market by reducing ramp-to-volume time. With end market demand got weary and product life cycle got shorter, EMS companies were aggressively in enhancing both scale (capacity) and scope (product and service segments) to meet their OEM customers’ need. EMS companies not only build their facilities from greenfield or cultivate their capability by internal teams, but also were enthusiastic in acquiring facilities or capabilities from external parties. This research took multiple-case approach to unfold the rationale behind EMS firm’s aggressive acquisitive decisions as well as the consequence of such an acquisitive strategy. We first provided an overview on EMS’s industrial transition over the past 10 years and analyzed the acquisition activities of the top 5 global EMS firms, including Flextronics, Solectron, Sanmina-SCI, Celestica, and Jabil Circuit. Based on these evidence, we further categorized these acquisition activities into three major models based on motivation drove these acquisitions; they are revenue driven acquisition, capacity expansion and footprint expansion acquisition, and capability driven acquisition. Judging from the ex-post developments of these acquisitions, we conclude several key reasons to explain why these acquisitions will become a critical burden for their global competitiveness. These reasons include (1) unjustifiable price of acquisition due to a hungry need of enhancing top line through acquisition, (2) binding supply contract with the acquisition was not fully realized, (3) unsatisfactory post-acquisition integration and synergy creation. Based on these findings, we provide suggestions concerning how to avoid these pitfalls in making acquisitions. Implications of these findings and future research directions are briefly discussed as well.