LONDON Nu Horizons Electronics Corp is to buy DT Electronics, a franchised technical distributor of electronic components based in Coventry.
Nu Horizons Electronics (Melville, NY) is a global distributor of active semiconductor, display and system solutions and us carrying out due diligence and the transaction is expected to close on or about August 15, 2006. It has sales facilities in 47 locations across North America, Europe and Asia and regional logistics centers throughout the globe. Its existing U.K. facility is Nu Horizons Eurotech Ltd, located in Buckingham.
DT Electronic was set up in 1987 and for the fiscal year ended March 31, 2006, DT Electronics' it reported unaudited revenues of approximately US$25 million.
Arthur Nadata, chairman and CEO for Nu Horizons Electronics states, “We are very pleased to have reached a preliminary agreement to acquire DT Electronics. We expect that our acquisition of DT will establish a footprint for Nu Horizons' Distribution business within the European market. We believe that the acquisition will be synergistic due to each company's complimentary supplier base, limited line card and demand creation business philosophy.”
Tony Frere, managing director for DT Electronics added, “DT Electronics looks forward to finalizing our agreement with Nu Horizons Electronics. They have established a strong presence and reputation within the Americas and Asia Pacific. Both companies share a similar vision of having a limited line card and customer-centric approach to conducting its business by gaining a deep understanding of suppliers' products and technologies and customers' requirements to deliver optimal service and support.”
In its most recent financial figures, for the fiscal year ended February 28, 2006, Nu Horizons net sales from continuing operations increased 20% to $561.3 million from $467.8 million in the comparable period the previous year. Net income for fiscal 2006 was $4.9 million up from $3.1million.