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Hewlett-Packard Co. last week moved to acquire financially troubled supercomputer manufacturer Convex Computer Corp., Richardson, Texas, for approximately $150 million in stock. Convex will become a wholly owned subsidiary, and will be known as Convex Technology Center of HP. Hewlett-Packard has held a 5% stake in Convex since 1992.
Convex started in 1982 with a strategy of offering lower-end, cost-effective supercomputers, and experienced strong growth until the last three years as the growth in personal computers began to erode much of the company's market. Since 1993, Convex has lost about $140 million. The company lost $61 million on sales of $144 million in fiscal year 1994.-D.D.
Avnet Expands In Germany
Avnet Inc. stepped up its presence in Germany last week by acquiring Setron Schiffer-Elektronik GmbH & Co. KG, a limited partnership engaged in electronic distribution. Setron, which anticipates sales of approximately $130 million for 1995, operates in Germany and 20 other countries in Europe,...