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Arrow board OKs $150M share buyback

Arrow Electronics headquarters in Melville. The company announced

Arrow Electronics headquarters in Melville. The company announced it would move its top operations to Colorado.(Oct. 11, 2011) Photo Credit: David Pokress

Arrow Electronics Inc., the electronics supply giant now based in Melville but about to move to Colorado, says it has board authorization to buy back $150 million of its own shares.

The repurchase comes after the conclusion of a separate $100 million buyback first authorized in July.

In early trading Monday Arrow was up $0.41 to $32.99.

The new buyback will take place "as market and business conditions warrant" and can be stopped at any time.

Newsday covered the relocation announcement for Arrow, Long Island's largest public company, earlier this month in a story titled Arrow Electronics, largest public company on LI, moves HQ to Colorado.

Arrow reported profits of $479.6 million last year on sales of $18.8 billion. It was the 140th largest company by revenue in the country in the Fortune 500, as ranked by sales.

Photo: Arrow headquarters building in Melville. (Oct. 11, 2011)

 

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