Arrow Electronics has bought Nu Horizons. Arrow is paying $128m for the technical distributor, a near neighbour in Melville, New York. "This acquisition builds on our strategy to expand our global capabilities, especially in the fast growing Asia/^pacific region," said Michael J Long, Chairman, President and Chief Executive Officer of Arrow Electronics. "Nu Horizons strong customer and supplier relationships and talented employees will allow us to continue to enhance shareholder value."
The deal comes just months after Nu Horizons appointed Martin Kent as Chief Executive Officer and President. Kent was previously in the same position at UK distributor Abacus Group when it was acquired by Avnet in October 2008.
"This transaction represents an excellent value for Nu Horizons' shareholders and a compelling opportunity for our employees, customers and suppliers," stated Kent "To compete successfully in today's global marketplace, size and scale are very important. We are pleased to become part of a leading global company with enhanced resources. Arrow's world-class operational capabilities and supply chain will enable Nu Horizons to continue to deliver industry-leading value to our customers." Nu Horizons suffered a blow last year when Xilinx cancelled its agreement with the company. That said the company bounced back with a slew of new franchises, and in its last quarter reported record revenues of $211m, which included $60.7m of Xilinx products. The company has operations in North America, the UK, Germany and the Nordic region in Europe and in China, India, Singapore, Thailand, Korea, Malaysia, Australia and New Zealand in the Asia/Pacific region.
