Avnet, Inc. Completes Acquisition of German Passive Specialist Betronik GmbH
PHOENIX, Nov 07, 2007 (BUSINESS WIRE) -- Avnet, Inc. (NYSE: AVT) announced today that it has completed its acquisition of the Berlin, Germany-based passive components distributor Betronik GmbH. Betronik, which has annual sales of approximately $40 million, employs about 80 people and has a logistics center in Berlin, seven sales offices across Germany and one sales office in France. Betronik and its French subsidiary DEL S.A. will be combined with the Avnet Time organization in Germany and France, respectively. The newly formed business will operate within Avnet Electronics Marketing EMEA under the Avnet Time brand.
Harley Feldberg, President of Avnet Electronics Marketing, commented, "This acquisition demonstrates our on-going commitment to build our IP&E business in Europe. We believe customers, suppliers, employees and shareholders will benefit as we expand our capabilities in this market and bring together two great companies. Betronik has a strong reputation, and we will build on that together."
With the acquisition, Avnet Time expands its scale and scope in serving the German and French markets, providing customers with access to one of the industry's best line cards as well as a broader spectrum of value-added services.
Ingeborg and Horst Mergener, managing directors and founders of Betronik, will lead the sales organization in Germany reporting directly to Michael Danylow, president of Avnet Time EMEA. By leveraging the strengths that have made Betronik the preferred choice in the passive components market, Avnet Time will further enhance its organization and ensure customers, suppliers and employees experience a smooth transition.
About Avnet Time
Avnet Time, a business unit of Avnet Electronics Marketing EMEA, is a highly focused electronic component distributor, serving original equipment manufacturers and specializing in interconnect, passive, electromechanical and power supply products. Avnet Time is served internally by a common integrated Pan-European logistical backbone and industry leading supply-chain services, while leveraging the global logistical reach of Avnet Electronics Marketing and its world-class supply-chain management capabilities. Specialization benefits customers and suppliers by empowering the organization to make swift decisions and increase speed of execution, thereby addressing time-to-market issues that are driving the market for electronic products. Avnet Time combines the agility of a smaller, focused company with the considerable global resources of Avnet, Inc. to serve the widely varying requirements of customers. More at: http://www.avnettime.eu/.
Avnet, Inc. (NYSE:AVT) is one of the largest distributors of electronic components, computer products and technology services and solutions with more than 300 locations serving 70 countries worldwide. The company markets, distributes and optimizes the supply-chain and provides design-chain services for the products of the world's leading electronic component suppliers, enterprise computer manufacturers and embedded subsystem providers. Avnet brings a breadth and depth of capabilities, such as maximizing inventory efficiency, managing logistics, assembling products and providing engineering design assistance for its 100,000 customers, accelerating their growth through cost-effective, value-added services and solutions. For the fiscal year ended June 30, 2007, Avnet generated revenue of $15.68 billion. For more information, visit www.avnet.com. (AVT_IR)
SOURCE: Avnet, Inc.
Avnet Electronics Marketing EMEA Georg Steinberger, +49 (0) 8121 774 203 (Media) Vice President Communications Fax: +49 (0) 8121 774 439 email@example.com or Avnet, Inc. Michelle Gorel, 480-643-7653 Vice President, Public Relations Vincent Keenan, 480-643-7053 Vice President, Investor Relations
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