PHOENIX— August 1, 2011 — Avnet, Inc. (NYSE:AVT) announced today that it has acquired Prospect Technology Corp. (Prospect Technology), an electronic components distributor with operations in Taiwan. Prospect Technology provides technical support, module solutions and circuit design support to help customers expedite product development. Prospect Technology generated revenue of approximately US$157 million during the 2010 calendar year. 

Harley Feldberg, president, Avnet Electronics Marketing Global, commented, “The combination of Prospect Technology’s technical expertise and Avnet’s scale and scope gives us a strong competitive advantage as we continue to grow profitably in Asia. This transaction complements our organic growth initiatives by expanding our value proposition to our customers through enhanced design capabilities and technical expertise while reinforcing our critical role in supply chain services.”

Founded in 1985, Prospect Technology has approximately 70 employees, serving a broad base of customers in Taiwan and China. Prospect Technology has differentiated itself in the market by building a strong engineering team, with a specific focus on battery and power management, and leveraging that strength and expertise to build strong customer relationships. Prospect Technology’s line card includes Texas Instruments, LSI and Nuvoton, among others. This acquisition is expected to be immediately accretive to earnings and achieve Avnet’s return on capital goal of 12.5%. 

Stephen Wong, president of Avnet Electronics Marketing, Asia, commented, “Prospect Technology is a well respected distributor in this region and brings strong technical skills in battery and power management. The addition of Prospect Technology’s talented employees, combined with the strength of our existing team, increases our value to customers enabling us to capitalize on this large and fast growing market.