Austin, TX, December 15, 2011 --(PR.com
)-- ROUND2 INC. and its parent Round2 Technologies, Inc. (“ROUND2”) announced today that it has entered into a definitive agreement to be acquired by Avnet, Inc. (NYSE:AVT). ROUND2 INC. is a leading eRecycling service provider offering a wide range of integrated asset disposition and technology recovery solutions at each of its US-based, R2 certified ReDistribution Centers. ROUND2 will become part of Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry. The acquisition has been approved by the Boards of Directors of both companies and is subject to the approval of the shareholders of ROUND2, as well as customary closing conditions. The transaction is expected to close on January 3, 2012.
Avnet, Inc. (Avnet), together with its subsidiaries, is an industrial distributor of electronic components, enterprise computer and storage products and embedded subsystems. The Company distributes electronic components, computer products and software as received from its suppliers or with assembly or other value added by Avnet. Additionally, Avnet provides engineering design, materials management and logistics services, system integration and configuration, and supply chain services that can be customized to meet the requirements of both customers and suppliers.
“I am proud of the company that we have built and this transaction is an excellent opportunity for ROUND2 to execute our long-term vision for global reverse logistics,” said Randy Weiss, ROUND2’s President and CEO. “Avnet has demonstrated strength, leadership, and integrity in their competitive markets and I expect this transaction to provide long-term stability and creative growth channels for our clients. I look forward to working closely with the Avnet Integrated Resources team to create a world-class reverse logistics solution.”
“The acquisition of Round2 Technologies is extremely important to Avnet, as it completes this phase of our strategy to offer a total solution to the after-market services industry. With ROUND2’s strong presence and capabilities in e-waste disposal, coupled with our existing businesses and recently announced acquisitions, we will be able to offer call center services, repair and refurbishment services including complex repairs, and environmentally responsible disposal of those assets that no longer have usability as these companies are integrated into Avnet,” stated Steve Church, President, Avnet Integrated Resources.