Arrow Electronic Acquires Cross Telecom
May 2, 2011
Arrow Electronics, Inc. (NYSE:ARW) announced that the company has acquired Cross Telecom ("Cross"), a leading North American service provider of converged and internet protocol technologies and unified communications. Cross' portfolio of solutions and services includes voice, data, Internet-protocol telephony, wireless and CrossNet maintenance and support provided to Fortune 1000 customers.
"This acquisition is a continuation of Arrow's strategy to expand into faster growing, high-margin services that complement our global ECS business," said Andy Bryant, president of Arrow Global Enterprise Computing Solutions. "Cross strengthens our customer and supplier relationships as well as our industry and technical expertise in the unified communications, telephony and managed services industry."
Cross is headquartered in Bloomington, MN, and has approximately 315 employees. Total sales were approximately $120 million for the year ended December 31, 2010. The transaction is expected to be $.01-$.05 per share accretive to earnings in the first full year of operations. Cross will be managed through Shared Technologies, a wholly owned subsidiary of Arrow Electronics.
Arrow Electronics (www.arrow.com) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Headquartered in Melville, N.Y., Arrow serves as a supply channel partner for over 1,200 suppliers and 115,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 340 locations in 52 countries.