Global technology distributor Avnet, Inc.’s continued revenue growth was recognized by FORTUNE Magazine. The well-respected magazine unveiled that Avnet ranked No. 102 on the 2016 FORTUNE 500 list of largest U.S. companies, improving six places from its previous ranking.
“Avnet’s ranking on the FORTUNE 500 reflects our team’s ongoing commitment to growth,” said Rick Hamada, CEO of Avnet, Inc. “We have a unique view into how rapidly changing technology is creating new choices, connections and opportunities across our global landscape. We’re applying these insights to position us, along with our customers and suppliers, to capitalize on these changes and stay on the path to success today, tomorrow and for the long term.”
Avnet continues to evolve its business globally to position its suppliers and customers for mutual growth opportunities. For example, Avnet has already strengthened its market position in its 2016 fiscal year through the acquisitions of Orchestra Service GmbH and ExitCertified®, and invested in innovative, next-generation market opportunities related to the Internet of Things, embedded solutions and third-platform technologies. At the same time, Avnet returned approximately $400 million to shareholders through the first nine months of its 2016 fiscal year through its disciplined share repurchase and dividend programs.
With its strong financial position and commitment to growth, this marks Avnet’s 22nd year on the FORTUNE500. FORTUNE also recently recognized Avnet on its “World’s Most Admired Companies” list in the Wholesaler: Electronics and Office Equipment category for the tenth year in a row.
For the FORTUNE 500, companies are ranked by total revenues for their respective fiscal years. For more information about the list, please visit http://fortune.com/500.