AVNET: Avnet to sell its Allied catalog operation and enter strategic alliance with Electrocomponents.

0 Comments | M2 Presswire, June, 1999

M2 PRESSWIRE-8 June 1999-AVNET: Avnet to sell its Allied catalog operation and enter strategic alliance with Electrocomponents plc (C)1994-99 M2 COMMUNICATIONS LTD RDATE:070699 Phoenix, AZ -- Roy Vallee, Chairman and CEO of Avnet, Inc. (NYSE:AVT), announced today that Avnet has entered into an agreement to sell its Allied Electronics catalog business to Electrocomponents plc, a United Kingdom-based electronic component catalog distributor, for US $380 million to be paid in cash.

The transaction, which is subject to the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, is expected to close on July 2, 1999 and will result in a gain to be recorded in Avnet's fourth fiscal quarter ending July 2, 1999. The impact on earnings from...