Electronics Production |
Arrow acquires Converge and Verical
Arrow Electronics has signed agreements to acquire Converge and Verical, an ecommerce marketplace geared toward meeting the end-of-life components and parts shortage needs of customers.
"These acquisitions complement Arrow's global strategy by providing comprehensive services across the entire product lifecycle for suppliers and customers," said Michael J. Long, chairman, president and chief executive officer of Arrow Electronics.
"Reverse logistics is a rapidly growing area, and this acquisition builds on Arrow's global capabilities as a supply chain and logistics expert. The addition of Verical also further strengthens our ecommerce capabilities", he continues.
Converge, with 350 employees, is headquartered in Peabody, Mass., with offices in Singapore and Amsterdam, including support centers throughout Europe, Asia and the Americas. Verical is based in San Francisco.
The acquisitions are expected to be accretive to earnings by $.05 to $.10 per share annually post closing of the Converge transaction. The Converge deal is subject to regulatory approvals and is anticipated to close in May 2010, while the Verical acquisition has been completed.
