Avnet, Inc. Announces Acquisition of Passive Specialist Altron GmbH & Co. KG
Acquisition to Strengthen Avnet Abacus's Position in the German Passive Components Distribution Market
Avnet, Inc., (NYSE:AVT), announced today that it has acquired Altron GmbH & Co. KG (Altron). Altron, which is headquartered in Lehrte Germany, is a leading interconnect, passive and electromechanical components (IP&E) distributor in Germany, representing over 40 suppliers. Altron generated revenue of approximately US$30 million in calendar 2011.
Patrick Zammit, President of Avnet Electronics Marketing EMEA, said: “The acquisition of Altron is another example of Avnet’s commitment to invest in the European IP&E market. By acquiring Altron, together with our IP&E business unit Avnet Abacus, we will gain more critical mass in Germany and create cross-selling opportunities to the combined customer base.”
Founded in 1931, Altron is a specialist distributor of IP&E products from leading suppliers including Vishay, Kemet, Wima, Yageo and FCI. With 65 employees it serves over 2,500 customers across a broad range of industry sectors. The acquisition is expected to be immediately accretive to earnings and supports Avnet’s return on capital goal of 12.5%.
Graham McBeth, President Avnet Abacus, said: “I am delighted that after only three years we have become a major force in the European IP&E market and we are now able to strengthen our portfolio in Germany with the acquisition of Altron. Their people, products, services and strong customer relationships will complement the existing position of Avnet in the IP&E market and further fuel our growth.”