UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | October 4, 2010 |
AVNET, INC.
__________________________________________
(Exact name of registrant as specified in its charter)
| New York | 1-4224 | 11-1890605 |
|
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 2211 South 47th Street, Phoenix, Arizona | 85034 | |
|
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 480-643-2000 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On October 4, 2010, Avnet announced that, through its wholly-owned subsidiary, it has acquired certain assets from Eurotone Electric Limited, an engineering focused electronic components distributor in China that provides general purpose inverters for wind and solar power applications. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On October 4, 2010, Avnet announced that it has acquired Broadband Integrated Resources Ltd which specializes in the repair of broadband and cable TV equipment in support of cable operators and manufacturers. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following materials are attached as exhibits to this Current Report on Form 8-K:
Exhibit
Number Description
99.1 Press Release, dated October 4, 2010 relating to the acquisition of Eurotone Electric Limited.
99.2 Press Release, dated October 4, 2010 relating to the acquisition of Broadband Integrated Resources Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVNET, INC. | ||||
| October 4, 2010 | By: |
/s/ Raymond Sadowski
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| Name: Raymond Sadowski | ||||
| Title: Senior Vice President and Chief Financial Officer | ||||
Exhibit Index
| Exhibit No. | Description | |
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99.1
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Press Release, dated October 4, 2010 relating to the acquisition of Eurotone Electric Limited. | |
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99.2
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Press Release, dated October 4, 2010 relating to the acquisition of Broadband Integrated Resources Ltd. |
Exhibit 99.1
Avnet, Inc. Announces Acquisition
Increasing presence in China’s renewable energy market
Phoenix, Ariz., October 4, 2010 – Avnet, Inc. (NYSE:AVT) announced today that, through its wholly-owned subsidiary, it has acquired certain assets from Eurotone Electric Limited (Eurotone). Established in 1994, Eurotone is an engineering focused electronic components distributor in China that provides general purpose inverters for wind and solar power applications. This acquisition is expected to be slightly accretive to earnings and achieve Avnet’s return on capital goal of at least 12.5%.
“This acquisition broadens our line card and adds market leading products that are critical components in solar and wind power applications,” said Stephen Wong, president of Avnet Electronics Marketing Asia. “The combination of Avnet’s scale and scope and the talented employees of Eurotone will enable us to increase our penetration into this fast growing market, to grow the customer base for these products, and to make a meaningful contribution to the green initiative in China.”
Headquartered in Shenzhen with branch offices in Shanghai, Beijing, Xi’an, Chengdu, Wuhan and Hong Kong, Eurotone distributes products to green energy companies working in support of China’s alternative energy initiatives. With approximately 50 employees, Eurotone is the primary distributor for Infineon Technologies’s IGBT modules in China and also distributes products for CT-Concept, a leading supplier of IGBT drivers and Power MOSFETs. For calendar year 2009, Eurotone generated revenue of approximately US$28 million.
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,” 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 activities and 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 Electronics Marketing
Avnet Electronics Marketing is an operating group of Phoenix-based Avnet, Inc. that serves
electronic original equipment manufacturers (EOEMs) and electronic manufacturing services (EMS)
providers in more than 70 countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-chain services. The group’s Web
site is located at www.em.avnet.com.
About Avnet
Avnet, Inc. (NYSE:AVT) 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.
For more information, please contact:
Public Relations
Michelle Gorel, +1 480-643-7653
Vice President, Public Relations
michelle.gorel@avnet.com
Avnet Electronics Marketing, Asia Pacific
Jane Neo, (65) 6580-6007
Marketing Communications
jane.neo@avnet.com
Investor Relations
Vincent Keenan, +1 480-643-7053
Vice President, Investor Relations
Vincent.keenan@avnet.com
Exhibit 99.2
Avnet, Inc. Acquires Broadband Integrated Resources Ltd
Acquisition of reverse logistics provider adds capabilities
to Avnet Logistics Services
Phoenix, Ariz., October 4, 2010 – Avnet, Inc. (NYSE:AVT) announced today that it has acquired Broadband Integrated Resources Ltd (Broadband). Founded in 2001, Broadband specializes in the repair of broadband and cable TV equipment in support of cable operators and manufacturers. With approximately 50 employees, for the calendar year 2009, Broadband generated services revenue of approximately US$9.5 million. Broadband will become part of Avnet Logistics Services which provides value added supply chain and logistics services to the global technology industry.
“This acquisition demonstrates our commitment to expand into adjacent services opportunities and provides an entry into the reverse logistics business as well as a new customer base in North America,” stated Steve Church, Senior Vice President; Chief Business Development and Process Officer. “With management, systems and processes that have built a successful reverse logistics business, Avnet Logistics Services will gain a proven platform upon which we can expand our service offerings.”
From facilities in Columbus, Ohio, and Dallas, Texas, Broadband provides technical repair services and logistics to leading cable providers, in the U.S., including Time Warner, Comcast and Charter Communications. Repair services cover the breadth of CATV equipment including line amplifying equipment, fiber optic transmitters and receivers, digital and analog headend equipment as well as cable modems and set top boxes. The investment is expected to be immediately accretive to earnings and supports Avnet’s return on capital goals.
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,” 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 activities and 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) 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.
For more information, please contact:
Public Relations
Michelle Gorel, +1 480-643-7653
Vice President, Public Relations
michelle.gorel@avnet.com
Investor Relations
Vincent Keenan, +1 480-643-7053
Vice President, Investor Relations
Vincent.keenan@avnet.com