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Avnet (AVT) To Buy Operating Assets Of USI Electronics

 December 13, 2012 11:59 AM
 


(By Balaseshan) Avnet Inc. (NYSE: AVT), a distributor of electronic components, enterprise computer and storage products, said it has agreed to buy substantially all of the operating assets of Universal Semiconductor Inc. or USI Electronics.

This acquisition is expected to be immediately accretive to earnings and supports Avnet's return on capital goal of 12.5%. USI Electronics is a distributor of discrete semiconductor, passive and electromechanical components to the military and aerospace customers.

Founded in 1982, with headquarters in Fort Lauderdale, Florida, USI Electronics operates on the premise that military component purchasing is made easier by offering superior specialized service.

[Related -A Mixed Day, AAPL Pulling Nasdaq Down]

USI's philosophy is to solve the complex component needs of the military customer via a service team offering exceptional product knowledge and service backed by inventory depth and breadth. USI Electronics has 58 employees across five offices in U.S. and one in Denmark. The company generated revenue of about $70 million in calendar 2011.

USI Electronics services a broad customer base of small, medium, and large OEM business partners and differentiates itself by having the flexibility to provide same day shipping, same day tape and reeling, and personalized service while offering the technological solutions necessary to compete as a world-class global distributor.

This transaction is expected to close within thirty days and will be integrated into Avnet Electronics Marketing, Americas.

AVT is trading up 0.03% at $30.93 on Thursday. The stock has been trading between $25.41 and $37.03 for the past 52 weeks.

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