Avnet Time buys Flint Distribution
By Colleen Taylor, Contributing Editor -- EDN, July 5, 2007
Electronic component distributor Avnet Time, a business unit of Avnet Electronics Marketing EMEA and Avnet Inc., Tuesday announced that it has acquired U.K.-based interconnect, passive and electromechanical (IP&E) distributor Flint Distribution Ltd.
Financial terms of the deal have not been disclosed.
According to the companies, Flint, which has 55 employees, will be combined with the Avnet Time organization and the newly formed business is expected to have annual revenues of $42.2 million (31 million Euros.) Carl Barton, managing director and co-founder of Flint, will lead the new, larger Avnet Time business in the U.K. and Ireland. Vince Clark, Avnet Time's U.K. manager, will head up the sales organization. Avnet Time and Flint customers will have full access to an expanded line card, the companies said.
"We have very exciting growth plans for Avnet Time across Europe and the acquisition of Flint is a great example of our commitment to grow IP&E in the region," Patrick Zammit, president of Avnet Electronics Marketing EMEA, said in a statement. "As part of the acquisition, both customer sets will gain access to industry leading franchises that have not been part of our respective portfolios."
Indeed, this is just the latest in a series of expansions the Phoenix, Arizona-based Avnet has made into the European market. In November, Avnet Time added to its board level interconnect offerings through a pan-European distribution agreement with Germany-based company Weidmuller. Also in November, in an attempt to strengthen its business model in southern Europe, Avnet Memec, another division of Avnet Inc., bought ESCO Italiana a Monza, Italy-based semiconductor and embedded systems specialist distribution company.
