Electrocomponents : completes acquisition of Synovos

Electrocomponents completes acquisition of Synovos

London, UK, 13 January 2021 - Electrocomponents plc (LSE: ECM), a global omni-channel solutions partner for industrial customers and suppliers, has completed its acquisition of integrated supply management services provider Synovos Inc., previously announced on 10 December 2020.

Synovos, based in Pennsylvania, USA, enables Electrocomponents to expand its value-added solutions offer in the Americas, and complements the Group's existing IESA business in the UK, to create a global integrated supply proposition in this growing market.

Synovos business will remain under the Synovos brand and will be led by Synovos President and CEO Carlos Tellez. He will report to Electrocomponents CEO Lindsley Ruth.

Synovos employs around 600 professionals at more than 200 locations throughout North America. It manages approximately $500 million of MRO procurement spend for clients in a wide range of industries. Its technology-driven integrated supply model consolidates indirect procurement spend for a blue-chip customer base, with roughly 90 percent of revenues coming from American-based clients.

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About Electrocomponents

Electrocomponents plc is a global omni-channel solutions partner for industrial customers and suppliers who are involved in designing, building or maintaining industrial equipment and facilities. We aim to offer our customers unrivalled choice of product technologies, solve problems with innovative solutions and deliver a world-class customer experience, making it easy to do business with us.

We stock more than 500,000 industrial and electronic products, sourced from over 2,500 leading suppliers. We solve problems and provide a wide range of value-added solutions to over one million customers. With operations in 32 countries, we trade through multiple channels and ship over 50,000 parcels a day.

Electrocomponents plc is listed on the London Stock Exchange and in the last financial year ended 31 March 2020 reported revenue of £1.95 billion. Electrocomponents plc has eight operating brands; RS Components, Allied Electronics & Automation, RS PRO, OKdo, DesignSpark, IESA, Synovos and Needlers.

For more information, please visit www.electrocomponents.com

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