Document:

<PAGE>

                                                                    Exhibit 10.2

                   [Letterhead of A C T Manufacturing, Inc.]

May 4, 2001

Mr. Kenneth Owens
25 Overlook Drive East
Framingham, MA 01701

Dear Ken:

I am pleased to offer you the position of Chief Operating Officer -- North
America for ACT Manufacturing Incorporated. In this position you will report
directly to me, and be accountable for the P&L, balance sheet, and customer
service levels of all North American operations. Your start date in this
position will be 2-July-2001, and your office will be located in our corporate
headquarters in Hudson, Massachusetts.

By virtue of signing this letter we both commit to the completion of an
employment contract prior to your start date. The employment contract will
contain the appropriate legal language that documents our agreement. The
"significant content" of our agreement that will be documented in the employment
contract is:

Contract Term

      o     Contract will have a two-year term, and will automatically renew
            every year on July 2nd.

Compensation

      o     Annual base salary of $300,000 per year.

      o     Annual incentive pay targeted at 50% of annual base salary, which
            will be paid no later than March 15th for the results of the prior
            year. The incentive amount paid will be based upon three separate
            and distinct elements that are calculated based on the following
            formulas:

                  o     40% of the target incentive is based on achieving the
                        North American annual working capital goal established
                        in the internal operating plan of the company. Payout
                        starts at 80% performance to plan and scales in a linear
                        fashion to a maximum of 150% performance to plan.

                  o     40% of the target incentive is based on achieving the
                        North American annual PBT goal established in the
                        internal operating plan of the company. Payout starts at
                        80% performance to plan and scales in a linear fashion
                        to a maximum of 150% performance to plan.

                  o     20% of the target incentive is based on achieving the
                        North American annual sales goal established in the
                        internal operating plan for the company. Payout starts
                        at 80% performance to plan and scales in a linear
                        fashion to a maximum of 150% performance to plan.

      o     You will receive a stock option of 100,000 shares of ACTM stock at a
            strike price established by the share price of ACTM as of the close
            of business for the NASDAQ exchange on July 2, 2001. The option will
            vest over 5 years in 5 equal installments, and the exercise period
            will be 10 years. The first vesting date will be July 2, 2002, and
            the last vesting date will be July 2, 2006.

      o     You will have a leased company car of your selection. The negotiated
            purchase price of the vehicle to be put under lease is not to exceed
            $65,000.

Benefits

      o     Your medical/dental health benefit package will be commensurate with
            the executive package currently in place for other senior executives
            at ACT.

      o     You will receive three weeks paid vacation per year.

                                  Page 1 of 1
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Termination

      o     If the company terminates your contract for any reason other than
            the conviction of a felony that is materially harmful to ACT
            Manufacturing, you will receive a one year severance plan. The
            salary that will be used to determine this payment will be your
            current annual salary. In addition, your health benefits will
            continue to be covered by the company through the last day of your
            severance period.

      o     If you terminate your contract, you must provide ACT notice of your
            intent to terminate your employment contract. This notice period
            must be six months in advance.

Change of Scope

      o     If your job function and/or scope changes as a result of a change in
            control then you may voluntarily terminate your employment contract.
            Termination under this "change in scope" clause will not be
            governed by the obligations listed in the "termination" clause
            above. Termination under this "change of scope" clause will result
            in a one year severance package.

            For the purposes of this clause "change in control" will be defined
            as:

                  o     John A. Pino being replaced as Chairman of the Board

                  o     John A. Pino being replaced as CEO.

                  o     A change in the ownership of the company whether through
                        hostile or friendly takeover, merger, or
                        recapitilization activities.

The "contract term", "compensation", "benefits", "termination", and "change of
scope" sections of this letter represent the "significant content" of your
employment contract. No "significant content" items will be changed other than
being restated in the appropriate legal verbiage. Other mutually acceptable
minor content items may be added to the contract such as "governing law",
"disputes", "non-compete" etc.

Please indicate your acceptance of this offer by signing and returning this
document.

Sincerely,

/s/ John A. Pino                5/4/2001
--------------------------------------------
John A. Pino
Chairman, CEO, President
ACT Manufacturing Inc.

Accepted:

/s/ Kenneth M. Owens            5/7/01
--------------------------------------------
Kenneth M. Owens

                                  Page 2 of 2<PAGE>

                                                                    EXHIBIT 10.3

                                    [LOGO]

THE CHASE MANHATTAN BANK
C/O Global Derivatives Operations
4 Chase Metrotech Center, 17th Floor
Brooklyn, New York 11245

                        INTEREST RATE SWAP CONFIRMATION
                        -------------------------------

TO:   ACT MANUFACTURING, INC.
      HUDSON, MASSACHUSETTS
      FAX 978 567 4099
ATTN: Swap Operations
FAX:  1 978 567 4099
DATE: 22 June 2001
RE:   Transaction Reference No. 0002677660 / 58364005

     The purpose of this letter agreement is to set forth the terms and
conditions of the Swap Transaction entered into between us on the Trade Date
specified below (the "Swap Transaction"). This letter agreement constitutes a
"Confirmation" as referred to in the Agreement specified below.

     The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps and Derivatives Association, Inc., are
incorporated into this Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

   1. This Confirmation supplements, forms part of, and is subject to, the ISDA
      Master Agreement dated as of 14 October 1998, as amended and supplemented
      from time to time (the "Agreement"), between The Chase Manhattan Bank
      ("Chase") and Act Manufacturing, Inc., Hudson, Massachusetts
      ("Counterparty"). All provisions contained in the Agreement shall govern
      this Confirmation except as expressly modified below.

   2. The terms of the particular Swap Transaction to which this Confirmation
      relates are as follows:

      NOTIONAL AMOUNTS:  For any Calculation Period, the amount set forth
                         opposite the Scheduled first day of such Calculation
                         Period as set forth in the Schedule below:

--------------------------------------------------------------------------------
START DATE               MATURITY DATE             CURRENCY            AMOUNT
--------------------------------------------------------------------------------
29 June 2001           28 September 2001             USD           91,000,000.00
28 September 2001      31 December 2001              USD           87,000,000.00
31 December 2001       28 March 2002                 USD           83,000,000.00
--------------------------------------------------------------------------------

<PAGE>

Confirmation - Swap Transaction

--------------------------------------------------------------------------------
  START DATE             MATURITY DATE             CURRENCY       AMOUNT
--------------------------------------------------------------------------------
28 March 2002           28 June 2002                 USD        79,000,000.00
--------------------------------------------------------------------------------
28 June 2002            30 September 2002            USD        75,000,000.00
--------------------------------------------------------------------------------
30 September 2002       31 December 2002             USD        70,000,000.00
--------------------------------------------------------------------------------
31 December 2002        31 March 2003                USD        65,000,000.00
--------------------------------------------------------------------------------
31 March 2003           30 June 2003                 USD        60,000,000.00
--------------------------------------------------------------------------------
30 June 2003            30 September 2003            USD        55,000,000.00
--------------------------------------------------------------------------------
30 September 2003       31 December 2003             USD        48,750,000.00
--------------------------------------------------------------------------------
31 December 2003        31 Mach 2004                 USD        42,500,000.00
--------------------------------------------------------------------------------
31 March 2004           30 June 2004                 USD        36,250,000.00
--------------------------------------------------------------------------------
30 June 2004            30 September 2004            USD        30,000,000.00
--------------------------------------------------------------------------------
30 September 2004       31 December 2004             USD        22,500,000.00
--------------------------------------------------------------------------------
31 December 2004        31 March 2005                USD        15,000,000.00
--------------------------------------------------------------------------------
31 March 2005           30 June 2005                 USD         7,500,000.00
--------------------------------------------------------------------------------

TRADE DATE:         21 June 2001

EFFECTIVE DATE:     29 June 2001

TERMINATION DATE:   30 June 2005, subject to adjustment in accordance with the
                    Modified Following Business Day Convention.

FIXED AMOUNTS:
--------------

FIXED RATE PAYER:   COUNTERPARTY

FIXED RATE PAYER
PAYMENT DATES:      The last Business Day of each September, December, March,
                    June of each year commencing with 30 September 2001 and
                    ending with, and including, the Termination Date, subject to
                    adjustment in accordance with the Modified Following
                    Business Day Convention.

FIXED RATE:         4.940000 percent

FIXED RATE
DAY COUNT FRACTION: Actual/ 360

<PAGE>

Confirmation - Swap Transaction

   BUSINESS DAYS:           London, New York
   FLOATING AMOUNTS:
   ----------------
   FLOATING RATE PAYER:     CHASE
   FLOATING RATE PAYER
   PAYMENT DATES:           The last Business Day of each September, December,
                            March, June of each year commencing with 30
                            September 2001 and ending with, and including, the
                            Termination Date, subject to adjustments in
                            accordance with the Modified Following Business Day
                            Convention.

   FLOATING RATE FOR INITIAL
   CALCULATION PERIOD:       TO BE DETERMINED
   FLOATING RATE OPTION:     USD - LIBOR - BBA

   SPREAD:                   None

   DESIGNATED MATURITY:      3 Months

   RESET DATES:              The first day of each Calculation Period.

   COMPOUNDING:              Not applicable

   FLOATING RATE
   DAY COUNT FRACTION:       Actual/360

   BUSINESS DAYS:            London, New York

   CALCULATION AGENT:        Chase, unless otherwise specified in the Agreement.

3. ACCOUNT DETAILS

     PAYMENTS TO CHASE:      CHASE MANHATTAN BANK, NEW YORK, FED ABA
                             021-000-021, A/C# 900-9-001364

     PAYMENTS TO COUNTERPARTY:
                             To be Advised
<PAGE>

Confirmation - Swap Transaction

     4. Office, address and telephone number for Notices in connection with this
        Swap Transaction.

               (a) COUNTERPARTY: its Office in
                                 MASSACHUSETTS
                                 FAX 978 567 4099

               (b) CHASE:        its head Office in
                                 New York c/o Global Derivatives Operations
                                 4 Chase Metrotech Center, 17th Floor
                                 Brooklyn, New York 11245

     5. DOCUMENTS TO BE DELIVERED

        Each party shall deliver to the other, at the time of its execution of
        this Confirmation, evidence of the incumbency and specimen signature of
        the person(s) executing this Confirmation, unless such evidence has been
        previously supplied and remains true and in effect.

     6. RELATIONSHIP BETWEEN PARTIES

        Each party will be deemed to represent to the other party on the date on
        which it enters into a Swap Transaction that (absent a written agreement
        between the parties that expressly imposes affirmative obligations to
        the contrary for that Swap Transaction):

        (a) Non-Reliance. It is acting for its own account, and it has made its
        own independent decisions to enter into that Swap Transaction and as to
        whether that Swap Transaction is appropriate or proper for it based upon
        its own judgement and upon advice from such advisers as it has deemed
        necessary. It is not relying on any communication (written or oral) of
        the other party as investment advice or as a recommendation to enter
        into that Swap Transaction; it being understood that information and
        explanations related to the terms and conditions of a Swap Transaction
        shall not be considered investment advice or a recommendation to enter
        into that Swap Transaction. No communication (written or oral) received
        from the other party shall be deemed to be an assurance or guarantee as
        to the expected results of that Swap Transaction.

        (b) Assessment and Understanding. It is capable of assessing the merits
        of and understanding (on its own behalf or through independent
        professional advice), and understands and accepts, the terms, conditions
        and risks of that Swap Transaction. It is capable of assuming, and
        assumes the risks of that Swap Transaction.

        (c) Status of Parties. The other party is not acting as a fiduciary for
        or an adviser to it in respect of that Swap Transaction.

        Please confirm that the foregoing correctly sets forth the terms of our
        agreement by executing a copy of this Confirmation and returning it to
        us.

                                                Yours sincerely,

<PAGE>

Confirmation - Swap Transaction

                                                THE CHASE MANHATTAN BANK

                                                By : /s/ Deborah Hooper
                                                ---------------------------
                                                Name:  Deborah Hooper
                                                Title: Vice President

Confirmed as of the date first
above written:

ACT MANUFACTURING INC., HUDSON, MASSACHUSETTS

By: /s/ Christopher L. Gorgone
------------------------------
Name: Christopher L. Gorgone
Title: Treasurer

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