-- Expands Presence in High-Margin Electronics Asset Disposition Market
--
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Aug. 29, 2012--
Arrow Electronics, Inc. (NYSE:ARW) announced today that the company has
agreed to acquire Redemtech, Inc. (“Redemtech”), a wholly owned
subsidiary of Micro Electronics, Inc. Redemtech is a provider of
electronics asset disposition (EAD) services.
Redemtech offers a comprehensive array of EAD services including data
removal, data security, refurbishment, and remarketing of electronic
assets, while ensuring compliance with local and national data security
and environmental regulations. Redemtech has locations across the United
States and the company’s customers span a variety of end markets
including financial services, consumer, and government.
“The acquisition of Redemtech further strengthens our industry-leading
position in the EAD market and strategically expands our footprint and
capabilities in this fast-growing market. We are excited to welcome the
Redemtech team to the Arrow family,” said Paul J. Reilly, executive vice
president, finance and operations, and chief financial officer of Arrow
Electronics.
Headquartered in Columbus, Ohio, Redemtech has approximately 400
employees. Sales in 2012 are expected to total approximately $60
million. This acquisition is subject to the receipt of customary
regulatory approvals and is expected to close in the next 60 days.
Arrow Electronics (www.arrow.com)
is a global provider of products, services and solutions to industrial
and commercial users of electronic components and enterprise computing
solutions. Arrow serves as a supply channel partner for more than
120,000 original equipment manufacturers, contract manufacturers and
commercial customers through a global network of more than 390 locations
in 53 countries.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This press release includes
forward-looking statements, including statements addressing future
financial results. These statements are subject to a number of risks and
uncertainties that could cause actual results or facts to differ
materially from such statements for a variety of reasons including, but
not limited to: industry conditions, the company’s implementation of its
new global financial system and the company’s planned implementation of
its new enterprise resource planning system, changes in product supply,
pricing and customer demand, competition, other vagaries in the global
components and global ECS markets, changes in relationships with key
suppliers, increased profit margin pressure, the effects of additional
actions taken to become more efficient or lower costs, the company’s
ability to generate additional cash flow and the other risks described
from time to time in the company’s reports to the Securities and
Exchange Commission (including the company’s Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q). Forward-looking statements are
those statements, which are not statements of historical fact. These
forward-looking statements can be identified by forward-looking words
such as "expects," "anticipates," "intends," "plans," "may," "will,"
"believes," "seeks," "estimates," and similar expressions. Shareholders
and other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which
they are made. The company undertakes no obligation to update publicly
or revise any of the forward-looking statements.
Source: Arrow Electronics, Inc.
Arrow Electronics, Inc.
Greer Aviv, 303-824-3765
Senior
Manager, Investor Relations
or
Paul J. Reilly, 631-847-1872
Executive
Vice President, Finance and Operations, and Chief Financial Officer
or
Media
Contact:
John Hourigan, 303-824-4586
Director, Corporate
Communications