Strategic Expansion of Electronics Asset Disposition Portfolio
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Jan. 18, 2012--
Arrow Electronics, Inc. (NYSE:ARW) announced today that it has agreed to
acquire TechTurn, Ltd. (“TechTurn”), a leading provider of electronics
asset disposition (EAD) services that specializes in the processing and
sale of technology devices that are returned or recycled from businesses
and consumers.
TechTurn offers a comprehensive portfolio of services, including asset
retirement, data wipe, asset test and diagnostics, data sanitation, and
refurbishment and remarketing. With offices in Texas and Virginia, as
well as partner facilities in Europe and Canada, TechTurn provides EAD
services to Fortune 500 customers, original equipment manufacturers, and
large retailers.
“We are very excited to have the TechTurn team join the Arrow family.
This acquisition will strengthen our existing portfolio of services and
is a continuation of our global strategy to expand into faster growing
services that span the full lifecycle of technology and complement our
core businesses,” said Paul J. Reilly, executive vice president, finance
and operations and chief financial officer of Arrow Electronics.
TechTurn is headquartered in Austin, Texas, and has 135 employees. The
company’s sales are expected to exceed $50 million in 2012. This
acquisition is subject to the customary regulatory approval process and
is expected to close in the next 45 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 over 1,200
suppliers and 115,000 original equipment manufacturers, contract
manufacturers and commercial customers through a global network of more
than 340 locations in 52 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
Senior Manager, Investor
Relations
303-824-3765
or
Paul J. Reilly
Executive
Vice President, Finance and Operations & Chief Financial Officer
631-847-1872
or
Media
Contact:
John Hourigan
Director, Corporate Communications
303-824-4586