New York-listed Avnet Inc on Dec. 1 announces it has completed a strategic investment in Vietnam

HCM City (VNA) – New York-listed Avnet Inc on Dec. 1 announced it has completed a
strategic investment in Vietnam by acquiring “certain assets” of Hong Quang
(Sunshine) Joint Stock Company for further expanding its presence and customer base
in the Southeast Asian region.

Phil Gallagher, global president of Avnet’s affiliate, Avnet Technology Solutions,
did not disclose the value of the deal, merely confirming that the whole company,
except its properties, has been bought.
“Expanding into a growing market like Vietnam will provide new
opportunities to accelerate growth and expand our footprint in ASEAN markets,”
he said, adding that his company would offer a broad suite of solutions
encompassing networking, security, and unified communications.

Hong Quang’s operations will be integrated into Avnet’s Technology Solutions
Asia business and the new entity will be called Hong Quang Avnet Joint Stock
Company.

From its head office in HCM City and sales offices in Hanoi and Da Nang ,
Hong Quang marketed a porfolio of IT infrastructure products from companies like
Hewlett Packard, IBM, and Lenovo, generating a turnover of around 33 million USD
last year.

Avnet distributes electronic components, computer products, and embedded
technologies in over 70 markets. It achieved a turnover of more than 16 billion USD
in the fiscal year ended June 27, 2009. Avnet Technology Solutions is its global
technology sales and marketing organisation.-Enditem