Avnet, Inc. Announces Acquisition of Passive Specialist Altron GmbH & Co. KG
Acquisition to Strengthen Avnet Abacuss Position in the German Passive Components Distribution Market
PHOENIX--(BUSINESS WIRE)-- Avnet, Inc., (NYSE:AVT), announced today that it has acquired Altron GmbH & Co. KG (Altron). Altron, which is headquartered in Lehrte Germany, is a leading interconnect, passive and electromechanical components (IP&E) distributor in Germany, representing over 40 suppliers. Altron generated revenue of approximately US$30 million in calendar 2011.
Patrick Zammit, President of Avnet Electronics Marketing EMEA, said: The acquisition of Altron is another example of Avnets commitment to invest in the European IP&E market. By acquiring Altron, together with our IP&E business unit Avnet Abacus, we will gain more critical mass in Germany and create cross-selling opportunities to the combined customer base.
Founded in 1931, Altron is a specialist distributor of IP&E products from leading suppliers including Vishay, Kemet, Wima, Yageo and FCI. With 65 employees it serves over 2,500 customers across a broad range of industry sectors. The acquisition is expected to be immediately accretive to earnings and supports Avnets return on capital goal of 12.5%.
Graham McBeth, President Avnet Abacus, said: I am delighted that after only three years we have become a major force in the European IP&E market and we are now able to strengthen our portfolio in Germany with the acquisition of Altron. Their people, products, services and strong customer relationships will complement the existing position of Avnet in the IP&E market and further fuel our growth.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's current expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include statements addressing future financial and operating results of Avnet and may include words such as "will," "anticipate," "expect," "believe," "intend," and "should," and other words and terms of similar meaning in connection with any discussions of future operating or financial performance or business prospects. Actual results may vary materially from the expectations contained in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the Company's ability to retain and grow market share and to generate additional cash flow, risks associated with any acquisition or disposition activities, the successful integration of acquired companies, any significant and unanticipated sales decline, changes in business conditions and the economy in general, changes in market demand and pricing pressures, any material changes in the allocation of product or product rebates by suppliers, other competitive and/or regulatory factors affecting the businesses of Avnet generally.
More detailed information about these and other factors is set forth in Avnet's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Avnet, Inc. (NYSE:AVT), a Fortune 500 Company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers in more than 70 countries worldwide. Avnet accelerates its partners success by connecting the worlds leading technology suppliers with a broad base of more than 100,000 customers by providing cost-effective, value-added services and solutions. For the fiscal year ended July 2, 2011, Avnet generated revenue of $26.5 billion. For more information, visit www.avnet.com. (AVT_IR)
About Avnet Abacus
Avnet Abacus is a pan-European demand creation distributor, specializing in interconnect, passive, electromechanical, power supply and battery products. Avnet Abacus extensive product range and exceptional line card is supported by a team of over 50 product specialists based across Europe, delivering technical expertise and technology focused initiatives. Avnet Abacus is a business unit of Avnet Electronics Marketing EMEA, a business region of Avnet, Inc., (NYSE:AVT). For more information, visit: www.avnet-abacus.eu.
Visit Avnet's Investor Relations Website at www.ir.avnet.com or contact us at email@example.com.
Investor Relations Contact:
Lisa Rees - Manager Communications Avnet Abacus
Phone: +44 (0)1628 512940
Anja Woithe PR Manager Avnet Electronics Marketing EMEA
Im Technologiepark 2-8, 85586 Poing, Germany
Phone: +49 (0) 8121 774 459
Georg Steinberger Vice-president Communications Avnet EM EMEA
Source: Avnet, Inc.Copyright Business Wire 2012