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): | April 6, 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 April 6, 2010, Avnet announced the acquisition of certain assets of PT Datamation Purwana Utama and PT Mitra Bisinfo Utama (Datamation) of Indonesia. Datamation is a value-add IT distributor providing server, storage and software products to enterprise system integrators and resellers throughout Indonesia. A copy of the press release is attached hereto as Exhibit 99.1 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 April 6, 2010.
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. | ||||
| April 6, 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 April 6, 2010. |
Exhibit 99.1
Avnet Inc. Announces Acquisition in Indonesia
Strategic Investment Expands ASEAN Coverage and Establishes Platform to Grow IT Solutions
Distribution Business
Phoenix, April 6, 2010 — Avnet, Inc. (NYSE:AVT) today announced the acquisition of certain assets of PT Datamation Purwana Utama and PT Mitra Bisinfo Utama (Datamation) of Indonesia, expanding Avnet’s footprint and customer base in ASEAN for value-added IT distribution. Founded in 1990, Datamation is a value-add IT distributor providing server, storage and software products to enterprise system integrators and resellers throughout Indonesia.
“This acquisition in Indonesia supports our strategic intent to further expand our footprint into emerging markets,” commented Phil Gallagher, president, Avnet Technology Solutions, Global. “As we increase our exposure to these fast growing markets and build on our global supplier relationships we will accelerate our organic growth rate.”
From its headquarters in Jakarta and a sales office in Surabaya, Datamation distributes a range of IT infrastructure products from leading suppliers including APC, HP, IBM, Lenovo NetApp and VMware. With more than 175 employees supporting 1,400 value-added resellers, Datamation generated revenue of approximately US$60 million in calendar 2009.
“The acquisition expands Avnet’s footprint in ASEAN and provides new opportunities to accelerate growth in the region,” stated KP Tang, president, Avnet Technology Solutions, Asia Pacific. “The platform Datamation has developed will be a key factor in launching our solutions distribution practice in Indonesia. We will leverage their talented associates and supplier partner relationships to offer a broader suite of products and services to customers in the largest national economy in Southeast Asia.”
The operations of Datamation will be integrated into Avnet Technology Solutions’ Asia Pacific business. The acquisition 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 Technology Solutions
Avnet Technology Solutions is an operating group of Phoenix-based Avnet, Inc. As a global
technology sales and marketing organization, Avnet Technology Solutions has sales divisions focused
on specific customer segments and a select line card strategy enabling an exceptional level of
attention to the needs of its customers and suppliers. For fiscal year 2009, the group served
customers in more than 35 countries and generated US $7.04 billion in annual revenue. For more
information, visit www.ats.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 June 27, 2009, Avnet generated revenue of US $16.23 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:
Avnet Technology Solutions, Asia Pacific Michael Costigan Director of Marketing and Business
Innovation, Asia Pacific Michael.costigan@avnet.com
+61 408651467
Investor Relations
Vincent Keenan
Vice President, Investor Relations
Vincent.keenan@avnet.com
(480) 643-7053
Avnet, Inc.
2211 South 47th Street
Phoenix, AZ 85034