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CONTACT: CONTACT:
Kent Electronics Corporation Houston Wire & Cable Company
Stephen J. Chapko Charles A. Sorrentino
Executive Vice President & CFO President & CEO
281-243-4000 713-609-2200
Morgen-Walke Associates
Robert P. Jones/Theresa Schillero
Media: Robert Ingram/Amy Sikorski
212-850-5600
FOR IMMEDIATE RELEASE
KENT ELECTRONICS SELLS REDISTRIBUTION WIRE AND CABLE ASSETS
TO HOUSTON WIRE & CABLE
Houston, Texas, May 23, 2000 - Kent Electronics Corporation (NYSE:KNT)
announced that it has completed the sale of certain assets of its distribution
business to Houston Wire & Cable Company. The sale includes assets which are
related to the redistribution of high voltage specialty wire and cable to
electrical distributors. Terms of the transaction were not disclosed.
Larry D. Olson, President and Chief Operating Officer of Kent Electronics,
stated, "This transaction is consistent with our strategy of strengthening our
core operations and effectively deploying our resources to serve high growth
applications. We believe that the sale of our redistribution assets to Houston
Wire & Cable will create a business that will benefit both the employees and
customers of Futronix."
Charles Sorrentino, President and CEO of Houston Wire & Cable Company,
noted, "By combining the talents of both organizations, we are strengthening our
position as a value-added supplier, broadening our array of products and
expanding our technical expertise."
Kent Electronics' redistribution assets generated annual revenues of
approximately $93 million, which represented 9% of total Company sales for the
fiscal year ended April 1, 2000. The transaction is expected to be earnings-
neutral to Kent in fiscal 2001.
The purchase will give Houston Wire & Cable greater utilization of its
distribution network and enhanced ability to serve customers on a nationwide
basis.
The forward-looking statements in this press release involve risks and
uncertainties which could cause actual results or performance relating to the
above-mentioned transaction, to differ materially from those expressed in the
forward-looking statements. The Company believes that all forward-looking
statements made by it have a reasonable basis, but there can be no assurance
that
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management's expectations, beliefs or projections as expressed in the forward-
looking statements will actually occur or prove to be correct. In addition to
general industry and economic conditions, factors that could cause actual
results to differ materially from those discussed in the forward-looking
statements in this press release, include, but are not limited to, the risks
related to forward-looking statements discussed in the Company's Annual Report
on Form 10-K for the fiscal year ended April 3, 1999.
Kent Electronics is among the largest publicly traded specialty electronics
distributors and network integrators. Kent's contract manufacturing subsidiary,
K*TEC Electronics, is among the leading contract manufacturers in the U.S.
Houston Wire & Cable is a national distributor of specialty wire and cable
products from leading quality manufacturers.
