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): | July 31, 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 8.01 Other Events.
On July 31, 2008, Avnet issued a press release announcing that it had completed the acquisition of Ontrack Solutions Pvt. Ltd. of India, a systems integrator based in Mumbai. 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 July 31, 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. | ||||
| August 4, 2008 | By: |
/s/ Raymond Sadowski
|
||
|
|
||||
| Name: Raymond Sadowski | ||||
| Title: Senior Vice President and Chief Financial Officer | ||||
Exhibit Index
| Exhibit No. | Description | |
|
|
|
|
|
99.1
|
Press Release, dated July 31, 2008. |
Exhibit 99.1
Avnet, Inc. Completes Acquisition of Ontrack Solutions Pvt. Ltd.
Establishes Value Added IT Solutions Business in India
Phoenix, Arizona, July 31, 2008 — Avnet, Inc. (NYSE:AVT) today announced it has completed its acquisition of Ontrack Solutions Pvt. Ltd. (Ontrack) of India. A Mumbai-based systems integrator established in 1993, Ontrack is known in the market as a leader in security, networking, consolidation, virtualization, storage and server solutions. Ontrack will become part of the operations of Avnet Technology Solutions Asia Pacific. The transaction is expected to be slightly accretive to earnings immediately, excluding minimal integration charges, and supports Avnet’s return on capital goals.
John Paget, global president of Avnet Technology Solutions commented, “This acquisition gives us a solid starting point to build our business in one of the fastest growing IT markets in Asia. The current owners, G. Balakrishnan and Naresh Desai, will lead the local Avnet Technology Solutions team as we continue to invest in profitable growth. We will leverage the skills and multi location footprint of Ontrack to build a leading value-added solutions distribution business throughout India.”
Ontrack markets a portfolio of IT solutions from leading suppliers including IBM and HP, as well as software solutions from VMware, Citrix, DoubleTake, CheckPoint, Nokia, Websense, and RSA. For the fiscal year ended March 31, 2008, Ontrack’s services revenue was approximately US$13 million.
KP Tang, president of Avnet Technology Solutions Asia Pacific, added, “The acquisition of Ontrack supports our strategy to expand our value-added IT distribution model into new high growth geographies in the Asia Pacific region. The combination of Ontrack’s focus on technical value-added services and Avnet’s scale and scope as a global distributor will enhance our value proposition in the important India IT market while accelerating our growth in the region.”
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)
Media Contact — Avnet Technology Solutions, Asia:
Michael Costigan
Director, Marketing
T. +612 8877 0751
M. +614 0865 1467
michael.costigan@avnet.com
Media Contact — Avnet, Inc.:
Michelle Gorel
Vice President, Public Relations
(480) 643-7653
michelle.gorel@avnet.com
Investor Relations Contact:
Vincent Keenan
Vice President, Investor Relations
(480) 643-7053
vincent.keenan@avnet.com