Fortune 500 Firm Arrow Expanding in Colorado
State officials are hailing a decision by a Fortune 500 company to relocate its corporate headquarters from New York to Colorado.
The announcement by Arrow Electronics, which already employs about a thousand people in the state, is seen as one bright spot in what's been a glut of dismal economic news of late in Colorado and around the country.
Arrow Electronics sells computer and specialized electronic equipment to companies in more than fifty countries. Last year its sales topped $18 billion.
At a press conference in the Governor’s office, CEO Mike Long said his decision to relocate the company’s corporate headquarters from Melville, New York to Englewood was based on a number of factors.
"We believe that with the workforce, we believe with the government cooperation, we believe with the universities, that Colorado will be the best state to help propel Arrow into growth in the future," Long said.
It’s not clear how many new jobs will be created here immediately with the move. But Long said his company has been expanding over the past year despite the sluggish economy.
State officials put together a sweetening deal offering more than $11 million in tax breaks for the company over the next five years; with the idea that more than a thousand new jobs could be created.