This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Avnet, Inc. Announces Agreement To Acquire RTI Holdings

Avnet, Inc. (NYSE: AVT) announced today that it has agreed to acquire the shares of RTI Holdings Ltd., a value-added distributor of wireless, optical, telecom, data communications, and industrial components in Hong Kong and the People’s Republic of China (PRC). In addition, Avnet will also acquire the shares of three related entities, RTI Technology China Limited, Eastele Technology China Limited, and DSP Solutions Limited. This transaction has received all necessary regulatory approvals and is expected to close in the next 30 days.

“This acquisition is important to Avnet Electronics Marketing as the combination of RTI’s focused technical expertise and Avnet’s scale and scope further strengthen our competitive edge as we continue to grow in Asia,” said Harley Feldberg, president Avnet Electronics Marketing. “This transaction also complements our existing offerings of product lines and allows us to expand our value proposition to our customers. With the addition of talented employees from RTI, I am sure we will be able to tap deeper into additional markets yet to be explored.”

Founded in 1989 and headquartered in Hong Kong, RTI has a strong presence in China serving over 700 customers across a range of end markets including telecom and datacom, industrial and digital home applications. The company has over 120 sales/FAE/CS employees that provide application engineering services, technical support and sales promotion activities to high-tech manufacturing firms across the region. The company generated revenue of approximately US $80 million in the 2012 calendar year. This acquisition, which will be integrated into Avnet Electronics Marketing, Asia is expected to be immediately accretive to earnings and supports Avnet's return on capital goal of 12.5%.

“China remains a high priority and key strategic focus for Avnet Electronics Marketing. The acquisition of RTI not only expands our market coverage in industrial, telecom, optical and datacom but it also strengthens our demand creation resources,” said Stephen Wong, president Avnet Electronics Marketing, Asia. “RTI is a reputable player in the region delivering a breadth of engineering services from basic circuit design to total product solutions. The addition of RTI will further complement our strategic vision of providing best-in-class products and services to our customers in a critical growth region for Avnet.”

Stock quotes in this article: AVT 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs