Avnet Technology Solutions to shutter operations in Italy
Hits ejector button as local economy goes down burning
Avnet Technology Solutions (TS) is shuttering operations in Italy due to an "unacceptable financial performance".
The Italian economy has hit the skids with low growth rates and €1.9tn debts but the distributor's electronics marketing business arm will continue in-country operations.
"Unfortunately, and despite our diligent efforts over multiple years, we have not been able to sustain an acceptable financial performance consistent with our long term expectations with our Technology Solutions operations in Italy," the firm said.
"As a result, it is our intention to close our operations in Italy. The current economic situation in Italy has been one of the most challenging in Europe and this has certainly been a contributing factor," it added.
A spokeswoman for Avnet refused to make any further comment on the exact timing of the withdrawal of the number of jobs that will be lost. Sources estimate that up to twenty people work for the TS unit.
In recently reported numbers for Q1, Avnet called out EMEA as a challenging territory, with sales down 3.6 per cent on a year ago comparison and down double digits sequentially. The firm does not break out country specific financials.
The distributor told El Reg that it will keep staff, business partners and vendors up to date "as we progress through the necessary procedures and processes". ®
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