Manufacturing Industry
Moving On Up
Electronic News, May 8, 2000
Arrow Electronics is working its way up the Fortune 500.
Fortune magazine has ranked the company 182nd on its Fortune 500 ranking. Arrow moved up from the 197 spot in 1999. Arrow already is at the top of Electronic News' list of distribution companies and is generally recognized as the largest electronics distribution firm.
The company placed higher in this ranking than its competitors on the annual list of the largest U.S. corporations. Rival Avnet Inc., which competes with Arrow for the top components' distribution slot, ranked 272 on the Fortune list this year, although its listing does not include the revenues of the acquired Marshall Industries. Avnet also moved up on the Fortune list, rising from 275 in 1999.
In its listing, Arrow is cited as having sales of $9.3 billion, up 11 percent from the prior year. The company's profits were listed at $124 million, down 14 percent from the prior year. Avnet, meanwhile, is cited as having revenue of $6.3 billion, up 7 percent from the prior year. Its profit was listed at $175 million, up 15 percent from the prior year. Avnet's figures were from its fiscal year, which ended in June 1999.
"This achievement is the result of the hard work and dedication Arrow's employees have displayed in serving our customers. We are very proud of our standing on the Fortune 500 list," said Stephen Kaufman, Arrow's chief executive officer. Kaufman also noted that Arrow was seventh in the category of 10-year annual growth," on Fortune's list of fastest-growing companies and was the only electronic components distributor named as one of the top investments.
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