Avnet Expands Its Presence in Vietnam
December 7, 2009 Timothy Prickett Morgan
Master IT distributor Avnet is furthering its expansion into the Asia/Pacific market by acquiring one of the major value-added resellers and IT distributors in Vietnam.
Avnet said last week that it had acquired “certain assets” of Sunshine, a reseller based in Ho Chi Minh City that also has operations in Danang and Hanoi. Sunshine, which was founded in 2001, resells PCs, printers, servers, storage arrays, and software from IBM, Hewlett-Packard, and Lenovo, and according to Avnet, generated about $33 million in revenues in 2008. The company has 120 employees and 1,400 customers.
No word on what assets Avnet bought or how many employees of Sunshine it will keep on hand to run the operations in Vietnam, which are now called Avnet Sunshine Solutions. Avnet did say that Sunshine would be immediately accretive to earnings, which is CFOspeak for profitable.