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 of Avnet, Inc. (NYSE:AVT), has announced that Avnet has agreed to contribute its Production Supplies and Test (PSAT PSAT - Preliminary Scholastic Aptitude Test PSAT - Pacific Situation Assessment Team (DoD) PSAT - Particulate Source Apportionment Technology PSAT - Predicted Site Acquisition Table PSAT - Princeton South Asian Theatrics PSAT - Protective and Security Operations on Australian Territory PSAT - Puget Sound Action Team) 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 sales run rate of approximately $70 million. In addition to Avnet's PSAT, eChips will be comprised of QuestLink, ChipCenter LLC and the Advantage telesales business unit of Arrow Electronics Inc. "As we deploy our Internet alliance (Internet Alliance, Washington, DC, www.internetalliance.org) A membership association dedicated to promoting the Internet as the global marketplace for the 21st century. Its goal is to provide a consistent message to state and federal government that enables the Internet to benefit the mass market rather than special interest groups. Originally founded in 1981 as the Videotex Industry Association (VIA), it later became the Interactive Services Association. 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 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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