Avnet's Production Supplies and Test Business Unit Joins New E-Commerce Venture.Business Editors, High-Tech Writers PHOENIX--(BUSINESS WIRE)--Oct. 9, 2000 Roy Vallee, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avnet, Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ), has announced that Avnet has agreed to contribute its Production Supplies and Test (PSAT PSAT Preliminary Scholastic Aptitude Test PSAT Puget Sound Action Team PSAT Particulate Source Apportionment Technology PSAT Predicted Site Acquisition Table PSAT Princeton South Asian Theatrics PSAT Pacific Situation Assessment Team (DoD) ) business unit as part of a four-way merger to form a new B2B e-commerce company, eChips Inc. Avnet's PSAT, based in El Monte, Calif., employs 130 people across the Americas and reports an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales run rate of approximately $70 million. In addition to Avnet's PSAT, eChips will be comprised of QuestLink, ChipCenter LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and the Advantage telesales business unit of Arrow Electronics Inc. "As we deploy our Internet alliance strategy, Avnet continues to seek new and unique ways to serve customers and suppliers," Vallee said. "eChips is chartered to become a horizontal sales and marketing channel for the electronics engineering and purchasing communities. Avnet stands to benefit by increased exposure to the greater technology marketspace  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. via this new merger, having already formed successful alliances with ChipCenter and QuestLink." In return for its contribution of PSAT, Avnet will receive equity in eChips and will be represented on its board. Avnet PSAT is a distributor of a broad line of electronics production supplies and test equipment, from adhesives and chemicals to clean-room products and soldering equipment from more than 200 suppliers. The contribution of PSAT is subject to the completion of the merger of QuestLink and ChipCenter, which is subject to antitrust review. The transaction is expected to close by the end of calendar 2000. Phoenix, Arizona, USA-based Avnet, Inc. (NYSE:AVT), a Fortune 500 company with annual sales exceeding $9 billion, 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 60 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering design services. |
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