Arrow announces $50M stock repurchase plan
Stock buyback Credit: Shutterstock.com
Melville-based Arrow Electronics Inc. said Monday that it plans to buy back up to $50 million of its common stock.
The company said it will do so "to offset the dilution from the common stock issued in accordance with equity-based compensation plans."
The company's board has approved of the buyback, allowing management to repurchase stock "as market and business conditions warrant."
With a market capitalization of $4.57 billion, Arrow trades an average 900,000 shares a day. It opened Monday at $39.71.
Founded in 1935, it has 12,700 full-time employees, according to its Yahoo business summary.
Arrow supplies wholesale electronics for about 900 suppliers and 125,000 original equipment makers, contract manufacturers and commercial customers.
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