你可能没有注意到这条消息。安富利通过一项只有四段的声明宣布,将收购台湾的两家小型电子元件分销商,从而为不可避免的中国市场整合拉开了序幕。安富利收购的这两家公司虽然很小,但该行动意义重大。中国已经成为最大的电子元件分销市场。
安富利通过上述收购,打入了台湾大联大(WPG Holdings)的后院。大联大是亚洲地区最大的元件分销商,其大型全球竞争对手只有在该地区取而代之,才能保持(恢复?)领先地位。通过收购年营业额为1.57亿美元的台湾Prospect Technology Corp.以及J.C. Tally Trading Co. Ltd. (2010年营业收入为9000万美元),安富利的意图昭然若揭,它将像在北美和西欧消除多数竞争对手那样,努力争夺中国这个制造中心市场。
企业并购活动让我着迷,而且我必须承认,最近10年分销商的成功收购活动给我留下了深刻印象。如果我是台湾或中国大陆的分销商,我不会低估安富利打入台湾市场的意义。
让我们看看安富利及其美国最大竞争对手艾睿电子的历史。在短短的10年左右,这两家公司就通过收购、坚决打入对手的国内地盘、利用多年苦心经营获得的优势,以及坚定地随时随地向客户提供高价值服务,消灭了美国及欧洲的多数大型对手。
The J.C. Tally和Prospect Technology,只是安富利近年收购的多家公司中的最新两家。安富利最近五年一直在悄然跟踪亚洲的本地分销商并将之收归旗下,最近四年,它在澳洲、中国、法国、日本、印度、印 尼、北美、拉美、土耳其和越南均采取了收购行动,积极推行其国际化战略。
本文下一页:安富利的矛,大联大的盾
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• 明星再现:2011分销商颁奖典礼回顾
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但是,日本-台湾-中国大陆轴线对于安富利来说是最大的成长机会,因此它采取了上述的最新收购行动。安富利在该地区也面临最大挑战,它必须设法防止WPG在人口众多的中国建立强大的地位。
最近五年,艾睿电子和安富利都通过在本地开展业务,以及在台湾和香港建立存在,扩大了在中国大陆的业务。在截止于2010年8月3日的财年,安富利的亚太营业收入占其总体营业收入的比例上升到25%,高于上一财年的21%和2009财年的19%。2010财年,该公司的电子营销部门的亚洲营业收入上升20%以上,达到39亿美元,继续引领安富利的增长。该部门在安富利的营业收入中占很大部分,从事销售元件和设计服务。
但是,安富利的亚洲成长策略并不只是开展收购。该公司增加了在该地区的设计链服务,尤其是在中国。据其向美国证券交易委员会提交的2010财年材料,安富利在中国提供“一系列技术设计解决方案,以支持复杂产品与技术的销售”。
我上面提到了安富利在亚洲扩张业务面临挑战,现在就回到这个话题。WPG最近五年增长迅猛。该公司迅速超过了所有对手,随着制造商把业务移往中国,WPG迅速成为中国市场中最大的元件分销商。利用对该地区的了解、本地联系和先发优势,WPG有望今年或明年成为全球最大的分销商。
在不吞并别人就会被吃掉的电子元件分销市场,安富利别无选择,只能拼命进攻竞争对手死守的地盘。安富利的行动,以及艾睿电子及Future Electronics和Digi-Key等其它主要分销商所采取的类似行动,并引发一起并购竞赛。WPG现在规模变大了,别人可能难以把它吞下。但当安富利和艾睿电子开始动手的时候,该地区的其它所有分销商都可能成为收购目标。
编译:
Luffy Liu
本文授权编译自EBN Online,版权所有,谢绝转载
参考英文原文: Let the China/Taiwan Distribution War Begin,by Bolaji Ojo, Editor in Chief
相关阅读:
• 明星再现:2011分销商颁奖典礼回顾
• 35家分销商畅谈2011形势与策略Yd4esmc
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Let the China/Taiwan Distribution War Begin
Bolaji Ojo, Editor in Chief
You could have missed the news. A terse, four-paragraph statement from Avnet Inc. (NYSE: AVT) announced its decision to acquire two small Taiwanese electronics component distributors, setting the stage for the inevitable consolidation of the China market. The two companies Avnet bought are quite small, but the implication of the transaction, for what has now become the biggest geographical market for the component distribution business, is enormous.
The acquisition positions Avnet squarely in the backyard of WPG Holdings (Taiwan: 3702), the largest component distributor in Asia and the company its biggest global competitors will have to displace in the region to maintain (regain?) their leadership positions. By acquiring Prospect Technology Corp., a $157 million revenue company, and fellow Taiwanese company J.C. Tally Trading Co. Ltd. ($90 million in 2010 sales), Avnet clearly signaled its intention to fight as hard for the China manufacturing region market as it did on the way to vanquishing most competitors in North America and Western Europe.
Mergers and acquisitions activities fascinate me, and I must admit to having been impressed by how distributors have done it so successfully over the last ten years. I would not underestimate the significance of the Taiwan invasion by Avnet if I were running the opposition in Taiwan or China.
Look at the history of Avnet and its biggest US competitor, Arrow Electronics Inc. (NYSE: ARW). Within just one decade or so, both companies have eliminated most of their biggest local and European rivals through acquisitions and by moving resolutely into their home turfs, leveraging advantages gained over years of hardscrabble existence and determination to assist customers with high-value offerings wherever, and whenever, their services were required.
The J.C. Tally and Prospect Technology acquisitions are only the latest in a long string of deals Avnet has made in recent years. The company has been quietly tacking on local Asian distributors to its wings over the last five years and has bought businesses in Australia, China, France, Japan, India, Indonesia, North America, Latin America, Turkey, and Vietnam in the last four years as part of its internationalization efforts. (For a complete list of Avnet's acquisitions over the years, click here.)
Still, the Japan-Taiwan-China axis represents the greatest growth opportunity for Avnet, hence the latest acquisitions. The region also presents great challenges to the company as it seeks to ensure WPG does not establish a stranglehold on the market in the world's most populous country.
Over the last five years, both Arrow and Avnet have expanded operations in China with local presence in the country and in Hong Kong and Taiwan. In its last fiscal year ended August 3, 2010, Avnet increased its sales from Asia-Pacific to 25 percent of total revenue from 21 percent in the prior year and 19 percent in fiscal 2009. The company's electronics marketing division, which accounts for the bulk of its sales and markets components as well as design services, increased sales in Asia more than 20 percent in fiscal 2010 to $3.9 billion and continues to spearhead Avnet's growth efforts.
Avnet's growth strategy for Asia goes beyond simply making acquisitions, however. The company has increased design chain services in the region, especially in China, where it offers "a host of technical design solutions in support of the sales process of complex products and technologies," according to its fiscal 2010 Securities and Exchange filing.
I mentioned challenges to Avnet's expansion efforts in Asia above and cannot help but return to the subject. WPG's growth over the last five years has been phenomenal. The company quickly overtook all contenders to become the biggest component distributor in China as manufacturers moved operations to the region. Leveraging its knowledge of the territory, local connections, and first mover advantage, it has set itself on a path to displacing rivals to become the world's No. 1 distributor this year, or by next year.
In the eat or be eaten world of components distribution, Avnet has had no other choice but to strike hard and deep into territories the competition would rather keep to itself. Its action, and similar actions from Arrow and the other major distributors, including Future Electronics and Digi-Key, will start an inevitable race to consolidate the market. WPG itself may have by now grown too big to be an acquisition target, but all other players in the region are fair game when Avnet and Arrow roll into town.
责编:Quentin