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July 8, 1997updated 05 Sep 2016 12:32pm


By CBR Staff Writer

German energy and utilities company Veba AG, which has plans to list its shares on the New York Stock exchange, has acquired Wyle Electronics Inc for $810m in cash. Wyle, a semiconductor, computer products and services firm, has been struggling recently, after losing key distribution contracts from Advanced Micro Devices Inc and Philips Semiconductor Corp. Although it made net profits of $40.2m on revenue of $1.2bn last year, its fourth-quarter net income dropped 10% to $10.6m and first-quarter profits plunged 29% to $7.8m on flat turnover. Wyle now hopes to gain a stronger foothold in Europe and Asia-Pacific through Veba’s Raab Karcher AG distribution unit. EBV also has a US subsidiary, EBV Electronics Inc, based in San Diego, California. Wyle, based in Irvine, California, is expected to keep its identity, headquarters and staff.

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