PHOENIX--(BUSINESS WIRE)--
Avnet, Inc. (NYSE:AVT) announced today that it has entered into a
definitive agreement to acquire the value-added IT distributor Amosdec
SAS. Founded in 1990, Amosdec is a leader in the field of virtualization
and storage management solutions throughout France. During the 2010
calendar year, Amosdec generated revenue of approximately US$90 million.
The transaction, which is subject to regulatory approval, is expected to
close in July 2011. This acquisition is expected to be immediately
accretive to earnings and achieve Avnet's return on capital goal of
12.5% within two years.
Graeme Watt, president of Avnet Technology Solutions, Europe, Middle
East and Africa (EMEA), commented, "The acquisition of Amosdec will
significantly strengthen Avnet Technology Solutions' position in France,
the third largest IT market in Europe. Amosdec's excellent leadership
team and talented employees along with its strong market position with
VMware and NetApp provides us with the opportunity to further develop
our software, storage, and services portfolio throughout EMEA."
Headquartered in Paris, Amosdec offers technical consultancy and
training, pre-sales support and installation services to its 500+
value-added reseller (VAR) partners. Amosdec is recognized for its
expertise in VMware virtualization technology and for its leadership in
introducing new VMware ecosystem solutions in France. Upon completion of
the acquisition, Amosdec will be integrated into Avnet Technology
Solutions, EMEA, an IT solutions distribution leader.
Mr. Watt continued, "Amosdec's in-depth expertise in software and
services, combined with Avnet's strength in the data center, further
expands our value proposition for reseller partners and suppliers in
Europe. By identifying and delivering integrated solutions, we will be
able to help our partners take advantage of new business opportunities
with cost-effective solutions that deliver the highest value to our
trading partners."
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, allocations of products 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. Avnet is
under no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
About Avnet
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
world's 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 3, 2010, Avnet generated
revenue of $19.16 billion. For more information, visit www.avnet.com.
(AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at investorrelations@avnet.com.
Avnet, Inc.
Public Relations
Michelle Gorel, +1 480-643-7653
Vice
President, Public Relations
michelle.gorel@avnet.com
or
Investor
Relations
Vincent Keenan, +1 480-643-7053
Vice President,
Investor Relations
Vincent.keenan@avnet.com
or
Avnet
Technology Solutions Media Contact
Linda Patterson, +44 (0)1344
662091
Marketing Director
Linda.patterson@avnet.com
Source: Avnet, Inc.
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