Avnet Inc enters Agreement to get Assets of Nexicore Services

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Avnet Inc. has entered into an agreement to acquire substantially all of the operating assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services LLC ("Nexicore"). Nexicore voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Chicago and claims to seek Bankruptcy Court approval of the asset sale to Avnet. The sale will be conducted under Section 363 of the U.S. Bankruptcy Code and is expected to be completed in 120 days or less.

The Nexicore acquisition is said to be deployed in Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry. Nexicore's approximately 500 employees will be offered positions within Avnet Integrated Resources.

Steve Church, President, Avnet Integrated Resources said, "With this acquisition, we will continue to build our capabilities in the after-market services business as we deliver on our strategy to expand into adjacent businesses. Nexicore's breadth of services and experienced employees complement our existing lifecycle management operations. We will be able to provide services that benefit industrial customers as well as consumers, while having a positive impact on the environment."

Brian Mittman, CEO, Nexicore said, "Becoming part of a global enterprise like Avnet is the next step in our company's evolution. While Nexicore has experienced strong, profitable growth over the last several years, our management team believes that being part of Avnet will bring even greater capabilities and resources to our customers and employees."


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