In a move to quell rumors of a sell-off by its German parent, VEBA Electronics Inc. gave a rare glimpse of its year-to-date performance.
Sales through August 31 were $2.81 billion, up 23% over the $2.28 billion in the same eight-month period a year ago. Profits, while reportedly strong, are running slightly below expectations, the Silicon Valley-based company said.
VEBA, a subsidiary of $50 billion industrial VEBA AG, is the parent company of North American distributors Wyle Electronics, Insight Electronics and EBV Electronics, as well as several European distributors including the Memec Group and EBV Elektronik.
In the past year, VEBA has established its ATLAS value-added services company, beefed up design centers and field-applications support, and invested $30 million in information technology.