Arrow Electronics Announces Additional $600 Million Share Repurchase Authorization
CENTENNIAL, Colo.--(BUSINESS WIRE)--Dec 17, 2021--
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. In the five years from the fourth quarter of 2016 to the third quarter of 2021, the company repurchased approximately $2 billion worth of shares.
“Our growth, profitability, and the effective management of our working capital and balance sheet, afford us the ability to return significant cash to shareholders through share repurchases,” said Michael J. Long, chairman, president, and chief executive officer. “We have reduced shares outstanding by approximately 21 percent over the last five years.”
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 180,000 leading technology manufacturers and service providers. With 2020 sales of $29 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.
Category: Investor Relations
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KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: TECHNOLOGY SEMICONDUCTOR SECURITY TELECOMMUNICATIONS SOFTWARE NETWORKS HARDWARE DATA MANAGEMENT CONSUMER ELECTRONICS VOIP
SOURCE: Arrow Electronics, Inc.
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PUB: 12/17/2021 11:01 AM/DISC: 12/17/2021 11:02 AM