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): | August 1, 2011 |
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 August 1, 2011, Avnet, Inc. announced that it has acquired J.C. Tally Trading Co., Ltd and its affiliate Shanghai FR International Trading, an interconnect, passive and electromechanical components distributor in Asia with operations in Taiwan and China. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On August 1, 2011, Avnet, Inc. announced that it has acquired Prospect Technology Corp. Prospect Technology, an electronic components distributor with operations in Taiwan. 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.
Exhibit
Number Description
99.1 Press Release, dated August 1, 2011.
99.2 Press Release, dated August 1, 2011.
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. | ||||
| August 1, 2011 | 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 August 1, 2011. | |
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99.2
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Press Release, dated August 1, 2011. |
Exhibit 99.1
Avnet, Inc. Acquires Taiwan Based Distributor J.C. Tally Trading Co., Ltd
Strengthens Leadership Position in Asia IP&E Market
Phoenix, Ariz., August 1, 2011 – Avnet, Inc. (NYSE:AVT) announced today that it has acquired J.C. Tally Trading Co., Ltd (J.C. Tally) and its affiliate Shanghai FR International Trading, an interconnect, passive and electromechanical components (IP&E) distributor in Asia with operations in Taiwan and China. J.C. Tally generated revenue of approximately US$90 million in calendar 2010. With this acquisition, Avnet Electronics Marketing Asia expands its position as the number one IP&E distributor in the region.
Harley Feldberg, President, Avnet Electronics Marketing global commented, “This acquisition supports our stated strategy to expand our IP&E business globally and further expands our presence in the fast growing Asia market. The IP&E market in Asia is highly fragmented and this acquisition provides another opportunity to accelerate our growth in the region by adding new suppliers and customers.”
Founded more than 30 years ago, JC Tally has approximately 140 employees serving a broad base of customers from eight locations across Taiwan and China. With a focus on strong technical support, J.C. Tally’s line card includes complementary suppliers such as NCC, Kemet, Panasonic, Coiltronics and Bussman. J.C. Tally will be integrated into the operations of Avnet Electronics Marketing Asia. The transaction is expected to be immediately accretive to earnings and supports Avnet’s long-term return on capital goal of 12.5%.
Stephen Wong, president of Avnet Electronics Marketing, Asia commented, “By extending the range of our product offerings, this acquisition enables us to provide more options to our customers, thereby strengthening our competitive position in the IP&E business in Greater China and providing cross selling opportunities to the combined customer base. The combination of the talented employees from J.C Tally and Avnet’s scale and scope advantages in the region will allow us to deliver superior value to our trading partners and enhance our position as the largest IP&E distributor in Asia.”
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.
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
Exhibit 99.2
Avnet Acquires Taiwanese Semiconductor Distributor Prospect Technology
Increasing its Technical Expertise in Asia
Phoenix, Ariz., August 1, 2011 – Avnet, Inc. (NYSE:AVT) announced today that it has acquired Prospect Technology Corp. (Prospect Technology), an electronic components distributor with operations in Taiwan. Prospect Technology provides technical support, module solutions and circuit design support to help customers expedite product development. Prospect Technology generated revenue of approximately US$157 million during the 2010 calendar year.
Harley Feldberg, president, Avnet Electronics Marketing Global, commented, “The combination of Prospect Technology’s technical expertise and Avnet’s scale and scope gives us a strong competitive advantage as we continue to grow profitably in Asia. This transaction complements our organic growth initiatives by expanding our value proposition to our customers through enhanced design capabilities and technical expertise while reinforcing our critical role in supply chain services.”
Founded in 1985, Prospect Technology has approximately 70 employees, serving a broad base of customers in Taiwan and China. Prospect Technology has differentiated itself in the market by building a strong engineering team, with a specific focus on battery and power management, and leveraging that strength and expertise to build strong customer relationships. Prospect Technology’s line card includes Texas Instruments, LSI and Nuvoton, among others. This acquisition is expected to be immediately accretive to earnings and achieve Avnet’s return on capital goal of 12.5%.
Stephen Wong, president of Avnet Electronics Marketing, Asia, commented, “Prospect Technology is a well respected distributor in this region and brings strong technical skills in battery and power management. The addition of Prospect Technology’s talented employees, combined with the strength of our existing team, increases our value to customers enabling us to capitalize on this large and fast growing market.”
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.
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