|[December 30, 2013]
Avnet, Inc. Acquires Remaining Interest in MSC Investoren GmbH
PHOENIX --(Business Wire)--
Inc. (NYSE: AVT)
announced today that it has acquired the remaining interest in MSC (News - Alert)
Investoren GmbH ("MSC Group"). This completes a two part transaction in
which the majority interest was acquired on October 1, 2013. MSC is a
recognized value-add distributor focused on electronic component
distribution, embedded computing technology, and display solutions as
well as design and manufacturing.
Patrick Zammit, president of Avnet Electronics Marketing EMEA, said,
"The completion of the MSC acquisition allows us to begin realizing the
full benefits of one of the best recognized distributors in the European
market. Over the last few weeks we have been able to lay out the future
strategy of Avnet Electronics Marketing EMEA including MSC and have
received positive feedback from customers and manufacturing partners.
Our plans to create a focused 'embedded and display solutions' business
unit in EMEA will allow us to serve the technology value chain deeper
and wider and accelerate profitable growth in the region."
Founded in 1979, MSC Group has developed into a consultative partner for
customers in the automotive, industrial automation, telecom, information
systems and medical device markets. MSC Group's competence in system
design, system integration and board-level assembly allows it to address
customers' specific needs in leading-ege vertical markets. In calendar
year 2012, MSC generated revenue in excess of US$450 million, with
embedded computer technology (including display solutions) accounting
for almost 50 percent of its sales.
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, 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. Except as
required by law, Avnet is under no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Avnet, Inc. (NYSE: AVT),
a Fortune 500 company, is one of the largest distributors of electronic
components, computer products and embedded technology serving customers
globally. Avnet accelerates its partners' success by connecting the
world's leading technology suppliers with a broad base of customers by
providing cost-effective, value-added services and solutions. For the
fiscal year ended June 29, 2013, Avnet generated revenue of $25.5
billion. For more information, visit www.avnet.com.
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at email@example.com.
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