Avnet (AVT) Acquires Source Electronics Corp.
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Avnet, Inc. (NYSE: AVT) today announced that it has acquired Source Electronics Corporation for an undisclosed amount. The transaction is accretive to earnings and supports Avnet's long-term return on capital goals.
Source provides high quality programming services using technically advanced proprietary programming processes that result in industry-low defect rates and rapid order fulfillment. With a multi-regional footprint, Source is the only company focused exclusively on programming services and flexible solutions to support the large volume requirements of its global customer base. For the calendar year ended December 31, 2007, Source generated $82 million of revenue.
Avnet, Inc., together with its subsidiaries, distributes electronic components, enterprise computer and software products, and embedded subsystems primarily in Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand.
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