Avnet has become one of only 350 companies in the history of the New York Stock Exchange (NYSE) to celebrate a 50-year milestone.
It will commemorate the occasion by ringing the closing bell on December 15. As part of its celebration, Avnet is counting down 50 days of interesting facts until the bell ringing and sharing them via Twitter and Facebook.
“There are very few companies that ever reach a milestone of this magnitude, and it speaks volumes about how our employees and leadership team have been able to adapt, innovate and succeed in accelerating the success of Avnet and our stakeholders,” Avnet chairman and CEO, Roy Vallee, said.
“Driven by the proliferation of technology, profitable organic growth and strategic acquisitions - 115 since joining the NYSE - Avnet has grown rapidly while demonstrating financial sustainability over the last 50 years on the NYSE, and it is well positioned to continue to thrive as an industry leader.”
The company officially listed on NYSE on December 30, 1960.
In a statement, the distributor reminisced that it was not too long ago when it sold decanters and musical instruments, among a wide range of other products. It then moved on to divesting non-core businesses and focusing on technology marketing, distribution and services to optimise resources.
Since being on the NYSE, Avnet’s strategic initiatives also went through a series of adjustments to adapt to changing market dynamics. Diversification became specialisation, local turned to global, and mergers and acquisitions now sit alongside organic growth as key strategic drivers for accelerating profitable growth.
Avnet’s history stretches far beyond 50 years. The company was founded in 1921 when Charles Avnet began selling radio parts in New York City. From 1921 to 2010, Avnet has weathered the Great Depression, WWII, Y2K and most recently, the global financial crisis.
The distributor claims it has been able to evolve and adapt over the years, only to emerge from economic downturns stronger than ever before.
Avnet generated record-breaking revenue results for the 2010 fiscal year with a recorded $US19.16 billion and earnings per share of $US2.68.