AVX Named to the Fortune 40: Best Stocks to Retire On
AVX Features a Broad Passive and Interconnect Component Product Offering
MYRTLE BEACH S.C.--(BUSINESS WIRE)--AVX Corporation, a leading manufacturer of advanced electronic components, has been named to Fortune Magazine’s “Fortune 40: Best stocks to retire on” in the June 23, 2008 issue. The annual list credits AVX as a company with no debt and has consistently used available cash to boost its dividend and buy back stock.
With a market cap of $2.3 billion (June 2, 2008), AVX manufactures and sells a broad passive and interconnect component product offering for today’s growing electronics market. AVX technology is at the core of future electronics applications such as sustainable energy generation, exploration, transportation, advanced medical electronics, aerospace systems and communications for the mobile market.
“We are delighted and honored to be singled out by Fortune Magazine in this impressive list of companies. Our commitment to product innovation, diversification, and quality has driven AVX in a consistent and profitable growth path as evidenced by our strong operating performance and balance sheet. Our competitive markets, coupled with today’s uncertain global economic environment, are requiring both customers and investors to pay particular attention to the suppliers that can weather any storm,” said Pete Venuto, Vice President of Sales.
The article highlights that as of June 2, 2008, AVX had a price to earning ratio of 15, as well as an 8% return on assets with $193 million of free cash flow generated during the previous twelve months.
For more information, contact AVX at 801 17th Avenue South, Myrtle Beach, S.C. 29578; by calling 843-448-9411, by fax at 843-444-2864 or on the Web at www.avx.com.
AVX Corporation is a leading international supplier of electronic passive components and interconnect solutions with 24 manufacturing and customer support facilities in 15 countries around the world. AVX offers a broad range of devices including capacitors, resistors, filters, timing and circuit protection devices and connectors. The company is publicly traded on the New York Stock Exchange (NYSE:AVX).