Avnet AVT announced today that it has acquired the remaining
interest in MSC 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-edge 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.
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, 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.
About Avnet
Avnet, Inc. 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. (AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com or contact us at
investorrelations@avnet.com.
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