Avnet Sells Its Avnet Industrial Business.PHOENIX--(BUSINESS WIRE)--July 14, 1998--Roy Vallee, Chairman and Chief Executive Officer of Avnet, Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ), announced today that Avnet has completed the sale of its Avnet Industrial business to Carlton-Bates Company with headquarters in Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry . The Avnet Industrial business which was sold distributes instrument and control devices and other maintenance and repair (MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) products to the industrial manufacturing, electronics, and related industries. The business being divested was part of the Avnet IMG IMG International medical graduate, see there Group and had sales of less than $30 million during the fiscal year ended June 26, 1998. "This sale will have a slightly positive impact on continuing earnings and provides more focus on our core businesses of distributing electronic components and computer products globally," stated Mr. Vallee. Headquartered in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. , Avnet, Inc. is a Fortune 500 Company with annual sales exceeding $5.7 billion. With sales in 57 countries, Avnet markets, inventories,and adds value to the products of the most prestigious electronic components and computer equipment manufacturers for customers worldwide. The Avnet home page is located at www.avnet.com.
CONTACT: Avnet Inc., Great Neck, N.Y.
John Cole, Controller or Raymond Sadowski, SVP & CFO,
Telephone: 516/466-7000
Fax: 516/466-1203, 1204
Internet: http://www.avnet.com
E-Mail: john.cole@avnet.com
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