CENTENNIAL, Colo.--(BUSINESS WIRE)--
Arrow Electronics, Inc. (NYSE: ARW) announced today the approval by the
company’s Board of Directors of the repurchase of up to an additional
$600 million of common stock through a share repurchase program. The
company has repurchased approximately $1.1 billion worth of shares since
the beginning of 2014.
“Since our last authorization two years ago, Arrow has grown
tremendously. We are generating 21 percent more sales and 33 percent
more profits," said Michael J. Long, chairman, president, and chief
executive officer. “Our company’s growth and the effective management of
our balance sheet enabled the Board of Directors to enhance our
commitment to returning excess cash to shareholders.”
This action will permit the company to continue repurchasing shares of
its common stock as market and business conditions warrant. The program
can be terminated at any time. The company may enter into Rule 10b5-1
plans to facilitate repurchases under the program. A Rule 10b5-1 plan
would generally permit the company to repurchase shares at times when it
might otherwise be prevented from doing so under certain securities laws.
Arrow Electronics guides innovation forward for over 150,000 of the
world’s leading manufacturers of technology used in homes, business and
daily life. With 2017 sales of $26.6 billion, Arrow aggregates
electronics and enterprise computing solutions for customers and
suppliers in industrial and commercial markets. The company maintains a
network of more than 345 locations serving over 80 countries. Learn more
at FiveYearsOut.com.
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Arrow Electronics
Steven O’Brien
Vice President,
Investor Relations
303-824-4544
or
Media Contact:
John
Hourigan
Vice President, Global Communications
303-824-4586
Source: Arrow Electronics