One of only 350 companies in NYSE history to achieve the 50-year milestone
HONG KONG, Dec. 28, 2010 /PRNewswire-Asia/ -- Avnet, Inc. (NYSE:AVT), a leading global technology distributor, commemorated its 50th anniversary as a public company on the New York Stock Exchange (NYSE) by ringing the Closing Bell on Wednesday, December 15, 2010. An archived video of the Closing Bell is now available for viewing on Avnet's website. 2010 is also a year that Avnet Electronics Marketing, an operating group of Avnet, Inc., celebrates the 15th anniversary of its business entering the Asia market.
"We think our founders would be proud of the fact that we are now one of only 350 companies that have been listed on the New York Stock Exchange for 50 years," said Roy Vallee, Avnet Chairman and CEO.
"This milestone distinguishes Avnet as a premier company -- one with demonstrated adaptability, a strong culture and conservative financial discipline. These positive attributes have allowed us to grow steadily and profitably over time and become the global leader in technology distribution.
"We sincerely thank each of our talented employees who make our company so great, our innovative customers and technology suppliers who have placed their trust in us to accelerate their success, our shareholders who invest in us, as well as our business and community partners who join with us to help make the world a better place to live and work.
"We are proud of this milestone and our accomplishments thus far, and look forward with excitement to building on our leadership position to achieve far more in the next 50 years than anyone can possibly imagine today," he concluded.
Award-winning film and Broadway producer Jon Avnet, grandson of Avnet founder Charles Avnet, added: "Almost 50 years ago, a prominent New York paper scoffed when my father Lester Avnet, said, 'We, Avnet Inc., are going to the top, to 100 million in sales, maybe even a billion.' Roy Vallee and his talented executive team have taken Avnet, Inc. to almost 20 billion dollars in sales, fifty years later. Congratulations to all who have made this possible."
At the time the company was initially listed on the NYSE, Avnet's market capitalization was US$37 million and today Avnet's market capitalization is approx. US$5 billion. "Avnet's ability to sustain its performance and transform itself to meet the changing demAAAs of the market over the past 50 years is remarkable," said Larry Leibowitz, Chief Operating Officer, NYSE Euronext. "The company's staying power, adaptability and growth are accomplishments that deserve great admiration, and we are grateful for our long-lasting partnership."
Additional background information on Avnet's 50th Anniversary on the NYSE can be found on the company's website under Highlights. The micro site includes video interviews with Vallee, photos of the Closing Bell and interview transcripts. A video of Avnet's history can be found on http://www.avnetondemand.com . For more interesting facts about Avnet and its history, visit Avnet's 50th Anniversary on the New York Stock Exchange micro site.
While Avnet is celebrating 50 years since it was first listed on the NYSE, Avnet Electronics Marketing is also celebrating the 15th anniversary of its business in Asia market. The company entered the Asia market in 1995 and is now one of the leading electronics component distributors in the region. It has 2,500 employees in the region and extensive coverage across more than 40 cities, providing customers with a line card that includes more than 150 franchises.
Photos/Multimedia Gallery Available: http://www.em.avnetasia.com/News/ProductNewsShow.aspx?ID=729&type=0&pagesId=51&MasterPageId=20
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers in more than 70 countries worldwide. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of more than 100,000 customers by providing cost-effective, value-added services and solutions. For the fiscal year ended July 3, 2010, Avnet generated revenue of US$19.16 billion. For more information, visit http://www.avnet.com . (AVT_IR)
About Avnet Electronics Marketing Asia
Avnet Electronics Marketing, an operating group of Avnet, Inc. (NYSE: AVT), has a significant presence in Asia. With its regional headquarters in Singapore, the company has offices in more than 40 locations in Asia. Avnet Electronics Marketing Asia distributes semiconductors, interconnect, passive and electromechanical components to serve a wide range of customers including original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, and small- to medium-sized businesses, and provides associated design-chain and supply-chain services. More information is available at http://www.em.avnetasia.com .
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Vice President, Public Relations
Senior Marketing Communications Manager
Avnet Electronics Marketing