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Abacus attracts US investor

21 October 2008
One of the largest distributors of electronic components in the world, Avnet has invested in the South East by acquiring Newbury-based electronic components distributor Abacus.

The West Berkshire firm, which employs 1,000 people, has been purchased by Avnet in a deal worth £42.2 million.

According to Roy Vallee, Chairman and Chief Executive Officer of Avnet, the acquisition "represents an excellent addition" to the firm's Electronics Marketing group in Europe.

He said: "With a respected team of associates and complementary customers and suppliers, Abacus provides additional sources of growth in the region."

His views were supported by Anthony Westropp, Chairman of Abacus, who noted that there was "a strong strategic business rationale for the acquisition".

Abacus was founded in 1972 and is one of the leading distributors of electronic components in Europe and has bases across ten European countries, an Asian office and warehouse in Hong Kong.

The Avnet Group also provides technology services and solutions and has more than 300 locations serving more than 70 countries worldwide.ADNFCR-1584-ID-18835795-ADNFCR

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