UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Events.
On October 1, 2019, Texas Instruments Incorporated (“TI”) notified Avnet, Inc. (the “Company”) that, due to the evolution of TI's strategy, TI plans to end its distribution relationship with the Company by December 31, 2020. TI products accounted for approximately 10% of the Company's sales during fiscal 2019. The Company will continue to pursue opportunities to support its current and future customers, reduce operating costs, and further strengthen its current and future supplier partnerships.
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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.
| Date: October 4, 2019 | AVNET, INC. | |
| Registrant | ||
| By: | /s/ Thomas Liguori | |
| Name: Thomas Liguori | ||
| Title: Chief Financial Officer | ||
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