Avnet Acquires Italian Chip Distributor
By Colleen Taylor -- EDN, November 1, 2006
In an effort to strengthen its business model in southern Europe, Avnet Memec, a division of global technology distributor Avnet Inc., has acquired the semiconductor and embedded systems specialist distribution company ESCO Italiana, based in Monza, Italy.
Financial terms of the deal were not disclosed.
Thirty-four-year-old ESCO Italiana, with sales of approximately $38 million, is one of the most successful distributors in Italy, employing approximately 60 people and operating from five offices across Italy, according to Avnet. In addition, it has distribution activities in Greece and Turkey.
"Avnet Memec operates on a proven ERP system and the logistics backbone of a global company," Domenico Camorani, general manager of ESCO, said in a statement. "Avnet Memec and parent company Avnet Inc. are an excellent home for our talent and expertise."
Over the next few months, the management team of Avnet Memec and ESCO will work together to "define and implement a smooth and successful integration plan" that will ensure additional added value for the teams, customers and suppliers, according to a statement released by the companies.
Avnet's acquired Memec Group Holdings Inc. last year.
