Distribution giant Arrow Electronics has reorganised but has not made room for the acquisition of a computer wholesaler or for more expansion in Europe, as had been speculated.
The only parts of Arrow unaffected by the reorganisation are its European business and its computer products wholesaler, Gates/Arrow Distributing. The company surprised sources, who expected Arrow to reiterate its intention to expand and acquire, because it has hinted at buying into the European computer distribution business in the past.
From 1 January, Arrow in the US will operate as seven divisions covering businesses in electronics including manufacturing, semiconductors and supplier services.
The company also announced slightly improved third quarter results, with profit of $49.7 million on sales of $1.9 billion, compared with profit of $43.8 million on sales of $1.6 billion in the third quarter of 1996. But Arrow took a $40.4 million charge related to the takeover of Premier Farnell to cut profit to $9.3 million.
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