Market Commentary and Intraday News
Avent buys electronic components business
293 days ago
(AP:PHOENIX) Electronic components maker Avnet Inc. said Wednesday that it bought the electronic components distribution business of Israel-based CRG Electronics Ltd.
Financial terms of the deal, which has already received regulatory approval, were not disclosed.
Founded in 1989, CRG provides engineers, marketing, sales and inventory logistics to over 300 customers in the networking, telecommunications, defense and industrial segments.
For the calendar year 2011, the electronic components business generated about $23 million in revenue, Avnet said.
Avnet said the acquisition will strengthen its position in the Israel's high-tech market by adding complementary product lines and a strong technical team. Avnet said it expects the deal to immediately boost its profits.
Shares of Phoenix-based Avnet fell 21 cents to $31.29 in afternoon trading.
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