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 1, 2008 |
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 7.01 Regulation FD Disclosure.
On April 1, 2008, Avnet issued a press release announcing the completion of the acquisition of UK-based distributor Azzurri Technology Ltd. A copy of the press release is furnished with this Current Report as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth in such filing.
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 1, 2008.
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 2, 2008 | 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 1, 2008. |
Exhibit 99.1
Avnet, Inc. Completes Acquisition of Azzurri Technology Ltd.
Strengthens Electronics Marketing in
Major European Markets and Product Lines
Phoenix, April 1, 2008 - Avnet Inc. (NYSE: AVT) today announced that it has completed its acquisition of UK-based distributor Azzurri Technology Ltd. Azzurri is one of Europe’s leading design–in distributors of high technology semiconductors and embedded systems products. Azzurri will be integrated into Avnet Electronics Marketing EMEA primarily within the Avnet Memec specialist division. The transaction is expected to be immediately accretive to earnings, excluding minimal integration charges, and supports Avnet’s long-term return on capital goals.
Azzurri has established a first class reputation for introducing leading technology products to high tech original equipment manufacturers (OEMs) in the European electronics market. Azzurri is focused on a limited number of franchised suppliers with the prime objective of assisting customers with the design-in of complex semiconductors and sub-system level solutions. Its annual revenue is approximately US$100 million and it employs about 80 people.
Harley Feldberg, president of Electronics Marketing, commented, “With the completion of this acquisition we have expanded our presence in several of Europe’s largest markets and enhanced our position as a leading pan-European technical specialist distributor. In addition, this acquisition brings exciting new talent with significant design and engineering expertise, which when combined with our existing team, should continue to accelerate profitable growth in the EMEA region.”
Over the next few months, management will work to rapidly consolidate the two organizations with the goal of creating significant value for customers, suppliers, and shareholders.
Forward-looking statements
This press release includes 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 relate to future business and/or financial success or the business
outlook and represent the Company’s judgment as of the date of this release. Risk and
uncertainties that may materially affect the actual results are described from time to time in
Avnet’s SEC filings, including the Company’s reports on Form 10-K, Form 10-Q and Current Reports
on 8-K.
About Avnet
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 more than 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)
About Avnet Electronics Marketing
Avnet Electronics Marketing is an operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company. Avnet Electronics Marketing 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 Memec
Avnet Memec, an independent business unit of Avnet Electronics Marketing EMEA, is a highly
specialised semiconductor distributor, operating on a pan-European basis and employing a
significant number of engineers to support customers’ design efforts. Avnet Memec specialises in
highly innovative suppliers and technologies, which will help a variety of customers to
differentiate their designs. Its area of specialisation extends from Analog and Microcontrollers
to RF, Datacom and Networking. The company operates from 30 offices in 17 European countries and
represents major semiconductor franchises on a pan-European basis. Its many major supplier
partners include Cirrus Logic, Lattice, Marvell, NEC, and Silicon Laboratories. The company’s Web
site is located at www.avnet-memec.eu
About Azzurri
Azzurri Technology Limited is one of Europe’s leading suppliers of high technology semiconductors
and system products. Azzurri has established a first class reputation for introducing technology
leaders, whose products provide integrated solutions with size, power and cost savings, to the
European electronics market. The Azzurri customer base is wide and varied with the main areas
covering industrial, consumer, telecom, medical and military. As a result of intense market
competition every customer in these market segments needs to stay one step ahead of its
competitors and therefore they look towards companies like Azzurri to bring them the latest
technology products that will give them a true competitive edge in their markets.
Media Contact Avnet EM EMEA:
Georg Steinberger
Vice President Communications, Avnet Electronics Marketing EMEA
Im Technologiepark 2 — 8
85586 Poing, Germany
Tel. +49 (0) 8121 774 203
Fax +49 (0) 8121 774 439
georg.steinberger@avnet.eu
Media Contact Avnet Memec EMEA:
Tom Oelschlaeger
Communications Manager, Avnet Memec EMEA
Im Technologiepark 2 — 8
85586 Poing, Germany
Tel. +49 (0) 8121 775 146
Fax +49 (0) 8121 775 8 146
tom.oelschlaeger@avnet-memec.eu
Investor Relations Contact:
Vince Keenan
Vice President, Investor Relations
Telephone: 480-643-7053
Fax: 480-643-7370
vincent.keenan@avnet.com