Arrow Electronics Moving HQ To Colorado
DENVER (AP) - Arrow Electronics Inc. is transferring its global headquarters to Englewood from Melville, N.Y., but the company described it as a change of address and said no jobs would be created or lost.
The electronics and computer components supplier said Tuesday the shift would be effective Nov. 15.
"At this point it is essentially an address change," Arrow spokesman John Hourigan said. "Nothing is, quote-unquote, moving, and nothing is closing down in Melville."
Englewood is already home to the company's enterprise computing solutions, Americas components and global service businesses.
The global service component is an important and growing part of the company, Hourigan said, noting that many of the 15 companies Arrow has acquired over the past 18 months are in that category.
Given the company's direction, transferring the headquarters designation to Colorado made sense, he said.
Arrow CEO Mike Long is also based in Englewood and the company has about 1,000 employees in Colorado, mostly in the Englewood area. The company has 550 employees in the Melville, N.Y., area.
Arrow says it has 12,700 employees and 340 locations worldwide, and 115,000 customers in 52 countries.
Colorado Gov. John Hickenlooper said the state has approved tax credits for Arrow of up to $11.4 million over five years if 1,250 jobs are created.
Asked about new Colorado jobs in the future, Hourigan said only, "We believe Arrow will be a $26 billion-plus business by 2013."
Arrow reported revenues of $18.7 billion in 2010. Its shares fell 64 cents, or 2 percent, to $31.03 in morning trading.
Hickenlooper said Arrow will be the largest company ever based in the state. He said Arrow's decision to designate Englewood as its global headquarters is significant because it is a Fortune 500 company, and Colorado has few of those.
Arrow has 1,200 suppliers, and Hickenlooper said the state will try to persuade some to move their headquarters to Colorado or establish some other presence in the state.
Hourigan said it would be helpful for its suppliers to be represented in Colorado but stopped short of saying the company would encourage that.
Hourigan said the company has no immediate plans to expand its Englewood facilities.
Read more on the website of CBS4 partner the Denver Business Journal.
By DAN ELLIOTT, Associated Press
(Copyright 2011 by The Associated Press. All Rights Reserved.)
