Avnet

Distributor of computer and electronic equipment.

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Headquarters: 2211 South 47th Street
Phoenix, AZ 85034
Employees: 11,800
CEO: Roy Vallee
Stock Symbol: AVT
Website: http://www.avnet.com

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Avnet is one of the world's largest business-to-business distributors of semiconductors, interconnect, passive and electromechanical components, enterprise network and computer equipment, and embedded subsystems from leading manufacturers.

Avnet markets, inventories, and adds value to these products and provides supply chain management and engineering services to customers in 73 countries.

The company is made up of two operating groups:

-- Avnet Electronics Marketing (EM) is a global distributor of electronic components such as semiconductors, interconnect, passive and electromechanical components and RF & microwave devices.

-- Avnet Technology Solutions (ATS) is an operating group of Avnet, Inc., merging Avnet Applied Computing and Avnet Computer Marketing. Applied Computing distributes embedded computing products. Computer Marketing has both a value-added distribution unit and an IT architect unit, focusing on enterprise computing products and systems.

The company has 268 locations worldwide.

In fiscal 2007, Avnet reported total revenues of $15.6 billion and net income of $393 million.

History

In the early 1900s, Charles Avnet began selling surplus parts on the radio rows of U.S. port cities. The radio was the big thing, and ham radio enthusiasts, designers, inventors and ships docking in New York for their homemade ship-to-shore radios would visit the parts sellers to pick up what they needed. Buying from suppliers, selling to customers by 1921 Mr. Avnet was considered a pioneer in the fledgling electronic components distribution business.

When factory-made radios hit the popular consumer market in the mid-1920s, Mr. Avnet again adjusted his distribution pipeline and began selling parts in quantity to dealers and manufacturers. He branched out into automobile antenna assembly and car radio kits over the next decade, and as World War II came on his son, Lester Avnet, joined him in making antennas for the U.S. armed forces.

Charles Avnet's namesake business was flourishing. In 1955, the same year the company began assembling connectors in New York City, Avnet was incorporated. Robert Avnet, another of Charles Avnet's sons, was named chairman and CEO of the family business. Lester Avnet became president. The family-run company reached its first $1 million sales milestone a year later.

The company went public in 1959 on the American Stock Exchange.

Benefits

Health Care - Four medical plan options, two dental plans, vision plan and flexible spending accounts.
Insurance - Basic life insurance, accidental death insurance, travel accident insurance, supplemental life insurance.
Cash Balance Pension Plan - Employees accrue benefits in two separate accounts -- Age Based account and Guaranteed Minimum account (3% of base pay). When vested employee retires, he or she will receive the account that is greater in value. Plan is funded entirely by Avnet and vests in five years.
401 (k) Savings Plan - Avnet will match 6% of contributions each quarter if the company is profitable, up to $3,000.
Employee Stock Purchase Plan - 15% discount
Sick leave - 48 hours accrue each year based on 4 hours per month. New exempt hires receive 10 days of sick leave.
Paid Vacation - Based on years of service: 1-4 years - 10 days; 5-9 years - 15 days; 10 years or more - 20 days
Holidays - Nine paid holidays including two floating days per year.
Tuition Reimbursement - Up to $5,000 per year
Computer Loan Program - Up to $2,500 loan to purchase a computer interest-free for one year.
Other Benefits - Employee assistance program, business casual dress code, discounts on products and services.

Updated July 6, 2007