Technology distributor Ingram Micro has announced that it has signed an agreement to purchase Australian based company Tech Pacific for AU$700 million, in a move designed to strengthen its Asia Pacific presence.
Tech Pacific was primarily established in Sydney in 1981 and generated more than AU$3.1 billion in revenue for the 2003 fiscal year. The company operates 15 distribution centres in Australia, New Zealand, India, Hong Kong, Malaysia, Singapore and Thailand, according to Ingram Micro, and employs around 1,800 workers.
Tech Pacific is touted as serving more than 25,000 resellers and 75 vendors with over 10,000 products.
CEO and chairman of Ingram Micro Kent Foster said the company has long recognised the benefits of operating in the Asia Pacific region and describes the acquisition as a "giant leap forward in our regional development".
"Tech Pacific is a strong, profitable player in some of the region's key markets... Sales have outperformed the overall market, and every country-based business unit generated an operating profit last year," he said.
Ingram Micro said it plans to retain Tech Pacifics's CEO Shailendra Gupta and chief financial officer Guy Freeland.