Avnet (AVT) to Acquire USI Electronics

Avnet, Inc. (NYSE: AVT) announced today that it has agreed to acquire substantially all of the operating assets of Universal Semiconductor, Inc., a distributor of discrete semiconductor, passive and electromechanical components to the military and aerospace customers. USI Electronics services a broad customer base of small, medium, and large OEM business partners and differentiates itself by having the flexibility to provide same day shipping, same day tape and reeling, and personalized service while offering the technological solutions necessary to compete as a world-class global distributor. This transaction is expected to close within thirty days and will be integrated into Avnet Electronics Marketing, Americas.

Founded in 1982, with headquarters in Fort Lauderdale, Florida, USI Electronics operates on the premise that military component purchasing is made easier by offering superior specialized service. USI's philosophy is to solve the complex component needs of the military customer via a service team offering exceptional product knowledge and service backed by inventory depth and breadth. USI Electronics has 58 employees across five offices in US and one in Denmark. The company generated revenue of approximately US $70 million in the 2011 calendar year.

This acquisition is expected to be immediately accretive to earnings and supports Avnet's return on capital goal of 12.5%.

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