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| Press Releases |
- Avnet, Inc. Acquires Source Electronics Corporation
- Source Electronics Corporation and Freescale Semiconductor partner to provide high volume programming solutions for the entire Freescale MCU portfolio
- Source Electronics Corporation and Microchip Technology develop Integrated High Volume Programming Solutions
- Source Electronics Corporation Adds Asian Division
- Source Electronics Corporation Appoints Director of Sales
- Source Electronics is pleased to announce the latest enhancement to its Internet Order Status - Shipment Notification Request
- Source Electronics Corporation Moves Fremont Operations to Larger Facility
- Source Electronics Corporation Appoints Operations Manager at Hollis, NH Facility
- Source Electronics Corporation Brings Value-added Services to Brazil
- Source Electronics Corporation Acquires All Interest in Memec's Programming Center Located in Reno, Nevada
- Source Electronics Announces Appointments
- Source Electronics, Poised for Growth, Partners with H.I.G. CAPITAL
- Source Electronics Corporation's CEO Participates in e-cares Initiative
| Avnet, Inc. Acquires Source Electronics Corporation |
Phoenix, Arizona, June 30, 2008 -- Avnet, Inc. (NYSE:AVT) announced today that it has acquired Source Electronics Corporation (Source) headquartered in Hollis, New Hampshire. Established in 1988, Source is a leading provider of outsourced custom programming services for integrated circuits (IC). Source combines deep technical expertise, high quality standards and efficient programming processes to create flexible solutions for a customer base that includes original equipment manufacturers (OEMs), contract manufacturers (EMS) and component manufacturers. From facilities in Brazil, China, Mexico, Singapore and the US, Source supports customers that span a variety of end markets, including consumer electronics, automotive, mobile communications, telecommunications, networking, computing and enterprise storage. Source will be integrated into the services operations of Avnet Logistics, a division of Avnet that delivers logistics and programming services globally.
Source provides high quality programming services using technically advanced proprietary programming processes that result in industry-low defect rates and rapid order fulfillment. With a multi-regional footprint, Source is the only company focused exclusively on programming services and flexible solutions to support the large volume requirements of its global customer base. For the calendar year ended December 31, 2007, Source generated $82 million of revenue. The transaction is accretive to earnings and supports Avnet's long-term return on capital goals.
Jim Smith, president of Avnet Logistics commented,
The combination of the extensive programming operations of Source and Avnet Logistics will create an industry leader with global scale and scope advantages. It will also strengthen our competitive position with regard to outsourced service offerings while positioning Avnet Electronics Marketing as the primary global distributor serving the programming needs of the electronics industry. In addition, we will deepen our involvement with many of our suppliers as Source is the programming partner for many IC manufacturers’ direct sales.
Programmable ICs are an important and rapidly growing technology for systems designers because they increase product flexibility and lower overall system costs. The programmable IC market is forecasted to reach approximately $50 billion in 2011, a unit compound annual growth rate of more than 17%.
Mr. Smith further added,
With the acquisition of Source, we gain significant technical expertise and an experienced management team that has earned an excellent reputation in the programming services market. We also expand Avnet’s presence in the growing South American market through Source’s Brazilian operations located in Sao Paulo and Manaus. Avnet Logistics is well positioned to grow faster than the markets we serve, while delivering superior value to both our customers and suppliers.
Forward-looking statementsThis press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future business and/or financial success or the business outlook and represent the Company's judgment as of the date of this release. Risk and uncertainties that may materially affect the actual results are described from time to time in Avnet's SEC filings, including the Company's reports on Form 10-K, Form 10-Q and Current Reports on 8-K.
About AvnetAvnet, Inc. (NYSE:AVT) is one of the largest distributors of electronic components, computer products and technology services and solutions with more than 300 locations serving 70 countries worldwide. The company markets, distributes and optimizes the supply-chain and provides design-chain services for the products of the world's leading electronic component suppliers, enterprise computer manufacturers and embedded subsystem providers. Avnet brings a breadth and depth of capabilities, such as maximizing inventory efficiency, managing logistics, assembling products and providing engineering design assistance for its 100,000 customers, accelerating their growth through cost-effective, value-added services and solutions. For the fiscal year ended June 30, 2007, Avnet generated revenue of $15.68 billion.
For more information, visit www.avnet.com. (AVT_IR)
Media Contact - Avnet, Inc.:
Sonia Bovio
Public Relations
(602) 808-1164
sbovio@brodeur.com
Investor Relations Contact:
Vincent Keenan
Vice President, Investor Relations
(480) 643-7053
vincent.keenan@avnet.com
| Source Electronics Corporation and Freescale Semiconductor partner to provide high volume programming solutions for the entire Freescale MCU portfolio |
Hollis, NH... May 23, 2007, Source Electronics Corporation has partnered with Freescale Semiconductor, the manufacturer of 8 to 32-bit microcontollers, to provide flash programming turnkey services to both consumer and industrial markets.
"We are committed to meeting the production needs of customers and contributing to their success." states Rick Staszewski, vice president of sales at Source Electronics Corporation. "We have been providing these services for over a decade and have assisted many of our customers with their individualized programming needs.
To read more about this partnership, see.Freescale Press Release or in PDF format.
If you would like to learn more about Freescale Semiconductor's line of microcontrollers visit their web site at www.Freescale.com
| Source Electronics Corporation and Microchip Technology develop Integrated High Volume Programming Solutions |
Hollis, NH... April 11, 2005, Source Electronics Corporation and Microchip Technology develop Integrated High Volume Programming Solutions for the New Microchip PIC10F Family of Microcontrollers (see PDF)
| Source Electronics Corporation Adds Asian Division |
Hollis, NH... March 24, 2003, Source Electronics Corporation announces the addition of Source Programming Services Pte. Ltd. located at 46 Penjuru Lane, Singapore. Bill Wentworth, President and CEO, states, "This facility brings us closer to our goal to become the leading value-added service provider globally." "Many of our customers have moved their production facilities into Asia and it only makes sense for us to join them. This creates the opportunity to expand into a new market", states, Doug Adams, Director of Operations.
| Source Electronics Corporation Appoints Director of Sales |
Hollis, NH... March 3, 2003, Source Electronics Corporation, a value-added service provider for programmable logic devices, announces the appointment of Richard Staszewski as Director of Sales. In this capacity, Mr. Staszewski will provide strategic leadership to the expanding sales force while encompassing the current needs within the electronics marketplace.
Mr. Staszewski brings extensive experience with programmable semiconductors, most recently from Memec LLC as the Regional Manager for New England. Prior to Memec, he held the position of area manager for Motorola SPS. Stasewski brings 22 years of industry service in both OEM and Distribution sales.
| Source Electronics is pleased to announce the latest enhancement to its Internet Order Status - Shipment Notification Request |
Hollis, NH... February 28,2003, Source Electronics is pleased to announce the latest enhancement to its Internet Order Status - Shipment Notification Request
By accessing our Customer Support Center at www.sourcee.com, you'll be able to request shipment notification of your orders in our system. You will receive an email with the Purchase Order Number, Program Number, Work Order Number, Carrier and Carrier's Tracking Number.
Doug Adams, Director of Operations, comments; "Being a service related company, you always have to look for new ways to enhance your services to benefit your customers. We are confident this addition will help them get the information when they need it."
| Source Electronics Corporation Moves Fremont Operations to Larger Facility |
Hollis, NH... February 24,2003, Source Electronics Corporation announces the relocation of its Fremont operations to a larger facility at 47470 Seabridge Drive, Fremont, CA 94538, doubling its square footage to support business growth. This move enables Source to build upon its' current infastructure to support customers needs by adding additional equipment and personnel. Starting Monday, March 3 2003, all business will be conducted from the new facility.
| Source Electronics Corporation Appoints Operations Manager at Hollis, NH Facility |
Hollis, NH... April 5, 2002, Source Electronics is pleased to announce the appointment of Richard LaBombard as Operations Manager for the Hollis manufacturing facility. In this capacity, Mr. LaBombard will oversee and expand upon established operating efficiencies. Areas of responsibilities include production, technical support, purchasing and inventory.
Mr. LaBombard has held the position of Materials Manager for the Hollis facility for the last two years. Prior to his employment with Source, Mr. LaBombard held the position of Materials Manager for Optelec in Westford, MA and has 17 years of electrical/mechanical procurement experience.
| Source Electronics Corporation Brings Value-added Services to Brazil |
Hollis, NH... March 29,2002, Source Electronics Corporation will now be offering their value-added services for integrated circuits from a new operation in Sao Paulo, Brazil, South America. These services include IC Programming, IC Testing, Lead Scanning and Taping and Reeling of components. This is the first of several facilities located outside of North America as a part of the global expansion plans for the Company. Other areas under consideration are Asia, Europe and the Pacific Rim.
Gary Wallesen, Director of Strategic Planning for Source Electronics states, "Our strategy is to expand our global footprint allowing us to offer our customers local support and the most efficient positioning in their logistics supply chain. Our customer base is attracted to the region for its cost-competitive manufacturing environment, well-developed supply chain, and its importance as an end market. Source intends to be the choice for IC value-added services in the region."
| Source Electronics Corporation Acquires All Interest in Memec's Programming Center Located in Reno, Nevada |
Hollis, NH... November 5, 2001, Source Electronics Corporation, announces a new relationship with Memec, a leading global distributor of semiconductors. This acquisition allows Source to expand its market penetration for its services, and Memec to concentrate on its core competency of demand creation. Source will provide programming, engineering failure analysis, taping and reeling, lead scanning and component marking for the Memec Americas group companies, Insight Electronics, Unique Technologies and Impact Technologies.
"Our ultimate goal is to position Source as the Global leader in value added services," states Bill Wentworth, President and CEO. "Memec's focused line card and expertise in demand creation matches our technical expertise and focus for value added services perfectly. There are clear benefits for customers and suppliers of both parties."
About Memec
The Memec Group encompasses three specialist semiconductor distribution companies, Insight Electronics, Unique Technologies and Impact Technologies as well as, Memec United, Memec Design Services and Memec Operations. For more information about Memec, visit their web site at www.memec.com
| Source Electronics Announces Appointments |
Hollis, NH... October 12, 2001 Source Electronics Corporation a value-added service provider for programmable logic devices has made the following appointments within their organization; Michael Doherty as the Director of Global Business Development.
Mr. Doherty will focus on new business to enhance the current customer base and support new business strategies as defined by the management team.
| Source Electronics, Poised for Growth, Partners with H.I.G. CAPITAL |
Hollis, NH Source Electronics Corporation, the largest independent semiconductor programmer in North America announced it has partnered with HIG Capital, a prominent private equity firm located in Miami, Florida. Source currently operates facilities in Hollis, NH, Fremont, CA and Guadalajara, Mexico. The partnership provides Source with the necessary capital and other resources to expand into new markets and offer its customers more comprehensive "back end" semiconductor services.
In announcing the transaction, CEO and Chairman William Wentworth said, "We are extremely excited about our partnership with HIG. With HIG’s added resources, Source will continue serving its customers with the highest regard for service, while expanding our capabilities and geographic reach."
H.I.G. is a leading private equity firm located in Miami, Florida managing more than one billion dollars of equity capital. Since its inception, it has invested in more than 40 businesses with aggregate sales in excess of $3.5 billion. H.I.G. is firmly committed to supporting Source’s management team with the financial and operational resources needed to achieve the company’s strategic objectives.
| Source Electronics Corporation's CEO Participates in e-cares Initiative |
Hollis, NH - Bill Wentworth, CEO, Source Electronics Corporation, along with 17 other New Hampshire High-Tech Entrepreneurs collaborate for the e-cares venture philanthropy initiative. On December 6, 2000, the founding members, New Hampshire Charitable Foundation and Governor Shaheen attended the program launch reception at ManagedOps, another founder's facility in Bedford, NH.
The founding members hope to create a giving community for New Hampshire's non-profit organizations. Besides monetary donations, the founders will be offering training and supplies to selected non-profit organizations. With the many options available for participation, the founders are hoping to attract the smaller startups and help them plan for their charitable donations to New Hampshire's communities.
To find out more about the e-cares initiative, visit their web site at www.e-cares.org