you're welcome tim... did you see the avt article posted earlier today?
biz.yahoo.com
Wednesday October 20, 3:00 am Eastern Time
Company Press Release
Avnet, Inc. Plans to Acquire Italian Distributors PCD Italia S.r.l. and Matica S.p.A.
PHOENIX--(BUSINESS WIRE)--October 20, 1999--Roy Vallee, Chairman and CEO of Avnet, Inc. (NYSE:AVT - news), announced today that it has agreed to acquire PCD Italia S.r.l. (''PCD'') and Matica S.p.A. (''Matica''), both based in Milan, Italy. PCD and Matica are value-added technical distributors of enterprise computing systems. PCD's focus is on IBM and Sun Microsystems products while Matica focuses on Hewlett-Packard, marketing exclusively to the reseller channel. The companies' combined sales for the year ending December 31, 1998 were $120 million, up from $90 million for 1997. The acquisition is pending the expiration of the waiting period for antitrust review.
''Avnet is expanding globally through strategic acquisitions,'' said Mr. Vallee. ''We are seeking to acquire companies on the Continent that will strengthen our efforts in providing the highest value relationships to our customers and suppliers, and expand our business into new markets. PCD and Matica are such companies.''
Once the transaction is finalized, PCD and Matica will join Avnet's Computer Marketing Group (CMG) as a part of the Hall-Mark Global Solutions (Hall-Mark) business unit. PCD and Matica, with approximately 60 employees, will add to Hall-Mark's growing worldwide presence, serving value-added resellers in the midrange computing marketplace. PCD's main products include IBM AS/400, IBM RS/6000, IBM printing, storage and software, as well as SUN workstations and servers. Matica's main products include HP servers, all of which will complement Hall-Mark's global marketing efforts.
Avnet Computer Marketing Group President, Andy Bryant, believes that the companies' mutual customers and suppliers will benefit from the merger. ''We will be combining the best practices of both PCD and Matica with our operations. We look forward to enhancing our global coverage with the addition of their strong market presence,'' he said. ''PCD and Matica both exhibit a culture similar to Avnet's and we look forward to successful integration of the businesses,'' Bryant added.
''Hall-Mark's sales in Europe for FY '99 were $117 million. This acquisition will effectively double our sales and service offering on the Continent. Each company brings unique strengths and skills that combine to provide customers with recognized core competencies in every critical success area: comprehensive hardware and software solutions, state-of-the art logistics, distribution and electronic support infrastructure, proven marketing and customer satisfaction programs, experienced sales professionals and technical talent, and a solid financial base,'' Ken Moss, Executive Vice President Hall-Mark Global Solutions (Europe) added. According to Moss, the addition of PCD and Matica will position Hall-Mark Global Solutions as IBM's leading enterprise-level distribution partner in Europe.
''PCD and Matica's business model have always been dedicated to helping our customers maximize their business growth and end-user customer satisfaction,'' said Alessandro D'Amico, PCD General Manager. ''When we join the Avnet CMG team, our combined resources will result in superior service.''
Phoenix, Arizona-based Avnet, Inc, a Fortune 500 company with annual sales exceeding $6.35 billion, is one of the world's largest distributors of semiconductors, interconnect, passive and electromechanical components and computer products from leading manufacturers. Serving customers in 59 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering design services. The company's web site is located at www.avnet.com
Headquartered in Tempe, Arizona, Hall-Mark Global Solutions is a $1.4 billion industry-leading, value-added distributor of enterprise computing systems, software and services, marketing exclusively to the reseller channel. A business unit of Avnet, Inc., Hall-Mark Global Solutions operates in North America, Austria, Australia, Czech Republic, Germany, Hungary, Italy, Poland, Switzerland and the United Kingdom. For more information about Hall-Mark, visit its website at: www.hallmark.avnet.com
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Contact:
CONTACTS: Europe:
Hall-Mark Global Solutions
Ken Moss, Executive Vice President
011-44-1344662001
or
America:
Hall-Mark Global Solutions
Sean Fanning, Vice President, Marketing
602/414-5503
or
Avnet, Inc.
Al Maag, Chief Communications Officer
480/643-7719
or
Avnet, Inc.
John Hovis, SVP Investor Relations
Raymond Sadowski, SVP & CFO
480/643-7291
Fax: 480/643-7370
Internet: avnet.com
e-mail: john.hovis@avnet.com |
