Avnet's Acquisition of Cosco Electronics/Jung Kwang Completed.Business Editors/High-Tech Writers
PHOENIX--(BUSINESS WIRE)--Jan. 11, 2000
Roy Vallee, chairman and chief executive officer of Avnet Inc. (NYSE NYSE
See: New York Stock Exchange :AVT AVT
avian arginine vasotocin. See vasotocin. ), 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 Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. ; 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 PTE LTD Private Limited . "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 Noun 1. electromechanical device - a mechanical device that is operated by electricity
mechanical device - mechanism consisting of a device that works on mechanical principles 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 (1) To attach one device to another.
(2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. , passive and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). 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 New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , India, and Pakistan. The company's web site is located at www.avnet.com