Avnet was founded in 1921 by Charles Avnet, a Russian immigrant, when he began buying surplus radio parts and reselling them. During the Great Depression, he shifted from retail to wholesale.
In the early 1930’s Avnet began to manufacture car antennas and car radio kits. During World War II Charles Avnet and his son, Lester Avnet, established Avnet Electronic Supply.
In 1960 Avnet acquired British Industries Corporation and went public on the New York Stock Exchange. That year Avnet reached $1 million in net income.
By 1975 the company had earnings of $35 million, and in 1979 reached $1 billion in earnings.
In 1993 Avnet acquired a rival distributor, Hall-Mark Electronics Corporation, for $344.6 million.
During the 1990’s Avnet expanded to Europe through several acquisitions of European companies.
Today Avnet is the world’s largest franchised distributor of electronic components and subsystems. The company has a presence in more than 50 countries, has almost 20,000 employees worldwide, and had $25.7 billion in revenue in 2012.
Avnet, Inc.Avnet was founded in 1921 by Charles Avnet, a Russian immigrant, when he began buying surplus radio parts and reselling them. During the Great Depression, he shifted from retail to wholesale.
In the early 1930’s Avnet began to manufacture car antennas and car radio kits. During World War II Charles Avnet and his son, Lester Avnet, established Avnet Electronic Supply.
In 1960 Avnet acquired British Industries Corporation and went public on the New York Stock Exchange. That year Avnet reached $1 million in net income.
History
By 1975 the company had earnings of $35 million, and in 1979 reached $1 billion in earnings.
In 1993 Avnet acquired a rival distributor, Hall-Mark Electronics Corporation, for $344.6 million.
During the 1990’s Avnet expanded to Europe through several acquisitions of European companies.
Today Avnet is the world’s largest franchised distributor of electronic components and subsystems. The company has a presence in more than 50 countries, has almost 20,000 employees worldwide, and had $25.7 billion in revenue in 2012.