Business Services Industry
Phoenix-Based Computer-Parts Distributor Avnet to Buy Rival.
Knight Ridder/Tribune Business News, June, 1999 by Reagor, Catherine
Knight Ridder/Tribune Business News
Jun. 29 -- Avnet Inc., one of the world's largest computer-parts distributors, is buying one of its competitors in an $830 billion deal.
The Phoenix-based Fortune 500 firm agreed to buy Marshall Industries of El Monte, Calif., paying 50 percent in cash, 50 percent in stock and assuming $161 million of Marshall's debt.
The deal will put Avnet in a position to rival the top computer and electronics supplier in the country, Arrow Electronics of New York.
Avnet, the largest distributor to Motorola Inc., will lay off an unknown number of the merged company's workers as it seeks to save $40 million in costs while creating a larger, more streamlined company, said Chairman and Chief Executive Roy Vallee....
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