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Avnet, Inc. Celebrates 50 Years on the NYSE

Tue, 12/21/2010 - 7:20am
  Avnet, Inc. commemorated its 50th anniversary as a public company on the New York Stock Exchange (NYSE) by ringing the Closing Bell on Wednesday, December 15, 2010. The bell ringing was broadcast live from the NYSE's website at 3:55 p.m. ET. An archived video of The Closing Bell is available for viewing and/or downloading on Avnet's website.

"We think our founders would be proud of the fact that we are now one of only 350 companies that have been listed on the New York Stock Exchange for 50 years," said Roy Vallee, Avnet Chairman and CEO.

"This milestone distinguishes Avnet as a premier company - one with demonstrated adaptability, a strong culture and conservative financial discipline. These positive attributes have allowed us to grow steadily and profitably over time and become the global leader in technology distribution.

"We sincerely thank each of our talented employees who make our company so great, our innovative customers and technology suppliers who have placed their trust in us to accelerate their success, our shareholders who invest in us, as well as our business and community partners who join with us to help make the world a better place to live and work.

"We are proud of this milestone and our accomplishments thus far, and look forward with excitement to building on our leadership position to achieve far more in the next 50 years than anyone can possibly imagine today," he concluded.

Award-winning film and Broadway producer Jon Avnet, grandson of Avnet founder Charles Avnet, added: "Almost 50 years ago, a prominent New York paper scoffed when my father Lester Avnet, said, 'We, Avnet Inc., are going to the top, to $100 million in sales, maybe even a billion.' Roy Vallee and his talented executive team have taken Avnet, Inc. to almost $20 billion in sales, 50 years later. Congratulations to all who have made this possible."

At the time the company was initially listed on the NYSE, Avnet's market capitalization was $37 million and today Avnet's market capitalization is approx. $5 billion. "Avnet's ability to sustain its performance and transform itself to meet the changing demands of the market over the past 50 years is remarkable," said Larry Leibowitz, Chief Operating Officer, NYSE Euronext. "The company's staying power, adaptability and growth are accomplishments that deserve great admiration, and we are grateful for our long-lasting partnership."

Additional background information on Avnet's 50th Anniversary on the NYSE can be found on the company's website under Highlights. The micro site includes video interviews with Roy Vallee, Avnet CEO, photos and interview transcripts. A video of Avnet's history can be found on http://www.avnetondemand.com/. For more interesting facts about Avnet and its history, visit Avnet's 50th Anniversary on the New York Stock Exchange micro site.

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