Arrow Electronics To Acquire Majority Interest In Israeli Distribution Business.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 17, 2000 Arrow Electronics Arrow Electronics NYSE: ARW is a Fortune 500 company headquartered in Melville, New York. This company specializes in products and services of electronic components and computer products. , Inc. (NYSE NYSE See: New York Stock Exchange :ARW ARW Air Refueling Wing ARW Advanced Research Workshop ARW Associated Resume Writers ARW Army Ranger Wing (Irish Special Forces) ARW American Revolutionary War ARW Angle Random Walk ARW Aeroelastic Research Wing ) announced that it has signed an agreement in principle with Rapac Electronics Ltd. to acquire a majority interest in Rapac's electronics distribution businesses, one of the leading distribution groups in Israel. The Rapac distribution businesses employ over 80 people and generated sales approaching $35 million in 1999. Their line card includes, among other manufacturers, Philips and STMicroelectronics. Upon completion of the acquisition, the business will be known as Arrow/Rapac and will become part of Arrow's operations in Southern Europe Southern Europe or sometimes Mediterranean Europe is a region of the European continent. There is no clear definition of the term which can vary depending on whether geographic, cultural, linguistic or historical factors are taken into account. . Completion of the transaction is subject to customary closing conditions, including the signing of definitive agreements and the obtaining of necessary regulatory approvals. The closing is expected to occur within the next 90 days. "We are excited to be expanding our activities into Israel, one of the world's most technically advanced markets," said Stephen P. Kaufman, Chairman and Chief Executive Officer of Arrow, "and are delighted to have Rapac Electronics Ltd. as our partner, under the leadership of Alex Milner, Managing Director, and the rest of his experienced and successful team." "We are proud to be affiliated with the world's preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae electronic components distributor," said Mr. Milner. "Arrow's industry leadership is unquestioned, and this affiliation will provide us with the opportunity to broaden our line card and expand our offering of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. ," he added. Arrow Electronics is the world's largest distributor of electronic components and computer products, with 1998 sales of $8.3 billion. Headquartered in Melville, New York Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there. , Arrow serves as a supply channel partner for more than 600 suppliers and 175,000 original equipment manufacturers and commercial customers through more than 200 sales facilities and 26 distribution centers in 35 countries. Detailed information about Arrow's operations can be found at www.arrow.com. |
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