Avnet Absorbs Rest of Taiwan Distributor

Avnet Inc., a Phoenix-based electronics-components distributor, has acquired the remaining 30 percent interest in Avnet-Mercuries Co. Ltd. of Taipei, Taiwan, from Avnet's joint-venture partner, Mercuries & Associates. Avnet acquired 70 percent of the company in December 1995.

Under the Asia-Pacific business model launched in July 1999, Avnet-Mercuries, with more than 100 employees, provides sales and logistics support to the Avnet Asia Pte. (Taiwan) branch in the distribution of electronic components in Taiwan, with sales to the personal-computer, consumer and industrial markets.

Singapore-based Avnet Asia Pte. Ltd. is Avnet's principal operating company for the Asia-Pacific region. After a transitional period, Avnet-Mercuries will change its name to reflect its status as a fully owned Avnet company.

"Since 1995, Avnet has been strategically acquiring Asian-based companies to build our pan-Asian operations," Chairman and Chief Executive Officer Roy Vallee said. "We are pleased to be full owners of Avnet-Mercuries. This allows us to move forward with our global strategy."

Earlier this fiscal year, Avnet acquired the remaining 30 percent interest in WKK Semiconductors Ltd., with operations in Hong Kong and China. It had owned 70 percent of the company since January 1995. Full ownership positions Avnet to proceed with its pan-Asia strategy and plans for pan-Asian centralization of assets, marketing, warehousing and operations.

Avnet Inc. is a Fortune 300 company with annual sales exceeding $6.4 billion. It is one of the world's largest distributors of semiconductors, interconnect, passive and electromechanical components, and computer products.