Avnet's Acquisition of Cosco Electronics/Jung Kwang Completed.
PHOENIX--(BUSINESS WIRE)--Jan. 11, 2000
Roy Vallee, chairman and chief executive officer of Avnet Inc. (NYSE:AVT), Tuesday reported that Avnet's previously announced acquisition of the electronic components and semiconductor distribution business of Korea-based Cosco Electronics/Jung Kwang companies is completed.
Cosco Electronics Ltd., Hong Kong; Cosco Electronics Inc. and Jung Kwang Semiconductors, Seoul, Korea; and Jung Kwang sa, Pusan, Korea, with 37 employees and sales of approximately US$30 million, now comprise Avnet Korea, part of the Avnet Electronics Marketing organization.
W.S. Chun, formerly vice president and regional director for Motorola Semiconductor Sector, Korea, has been named representative director for Avnet Korea. Kang Jung Park, formerly president of Cosco and Jung Kwang, has been retained as a consultant and will assist in the integration and customer relations.
"This acquisition represents Avnet's first venture into the Korean market," Vallee said. "Having visited the operations in Seoul recently, I am very pleased and confident that Avnet has gained an experienced and talented team that will enhance our sales organization and add value in serving customers and suppliers."
"The Korean market is important to Avnet's strategy in Asia," said Rob Hagen, president of Avnet Asia Pte Ltd. "Now that Avnet Korea is a reality, we will begin to add suppliers in addition to the Motorola line of semiconductors which has been long established and successful.
"We will also strengthen the line card with passive components and electromechanical devices to serve Korean-based customers."
"We see great opportunities for growth in Asia as the economy strengthens," said Brian Hilton, co-president of Avnet Electronics Marketing.
"The addition of Avnet Korea, combined with Avnet's information technology infrastructure, our leadership in supply-chain management and our engineering design services, will position the company as a full-service distribution partner to our customers and suppliers."
Phoenix-based Avnet Inc., a Fortune 300 company with annual sales exceeding $6.4 billion, ($9 billion proforma, including acquisitions) is one of the world's largest distributors of semiconductors, interconnect, passive and electromechanical components and computer products from the leading manufacturers.
Serving customers in 65 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering design services. Asian locations include Hong Kong/China, Taiwan, Singapore, Korea, Thailand, Malaysia, the Philippines, Indonesia, Australia, New Zealand, India, and Pakistan. The company's web site is located at www.avnet.com
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|Date:||Jan 11, 2000|
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