Avnet (AVT) Acquires Source Electronics Corporation; Sees Deal Accretive to Earnings
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Avnet, Inc. (NYSE: AVT) has acquired Source Electronics Corporation (Source) headquartered in Hollis, New Hampshire. Established in 1988, Source is a provider of outsourced custom programming services for integrated circuits (IC).
Source will be integrated into the services operations of Avnet Logistics, a division of Avnet that delivers logistics and programming services globally.
For the calendar year ended December 31, 2007, Source generated $82 million of revenue. The transaction is accretive to earnings and supports Avnet's long-term return on capital goals.
Avnet, Inc. (Avnet) is an industrial distributor of electronic components, enterprise computer and storage products and embedded subsystems. [SM]
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