Avnet, Inc. Announces Acquisition Increasing Presence in China’s Renewable Energy Market

Avnet, Inc. Announces Acquisition Increasing Presence in China's Renewable Energy Market

Avnet, Inc. (NYSE:AVT) announced today that, through its wholly-owned subsidiary, it has acquired certain assets from Eurotone Electric Limited (Eurotone). Established in 1994, Eurotone is an engineering focused electronic components distributor in China that provides general purpose inverters for wind and solar power applications. This acquisition is expected to be slightly accretive to earnings and achieve Avnet's return on capital goal of at least 12.5%.

“This acquisition broadens our line card and adds market leading products that are critical components in solar and wind power applications,” said Stephen Wong, president of Avnet Electronics Marketing Asia. “The combination of Avnet's scale and scope and the talented employees of Eurotone will enable us to increase our penetration into this fast growing market, to grow the customer base for these products, and to make a meaningful contribution to the green initiative in China.”

Headquartered in Shenzhen with branch offices in Shanghai, Beijing, Xi'an, Chengdu, Wuhan and Hong Kong, Eurotone distributes products to green energy companies working in support of China's alternative energy initiatives. With approximately 50 employees, Eurotone is the primary distributor for Infineon Technologies's IGBT modules in China and also distributes products for CT-Concept, a leading supplier of IGBT drivers and Power MOSFETs. For calendar year 2009, Eurotone generated revenue of approximately US$28 million.

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