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Pioneer sells components division to Arrow Electronics

Posted: 06 Mar 2003 ?? ?Print Version ?Bookmark and Share

Keywords:pioneer-standard? arrow electronics? electronic component? digital consumer equipment?

Pioneer-Standard Electronics Inc. has completed the sale of its electronic components division to Arrow Electronics Inc.

"With the conclusion of this transaction, we are more strongly positioned to fund growth in the enterprise computer systems business and opportunistically reduce our debt," said Arthur Rhein, president and CEO. "This will enable us to deliver higher levels of sustained profitability and enhanced shareholder value beginning in fiscal 2004."

According to Arrow Electronics, the sale includes substantially all of the assets of Pioneer-Standard's former electronic components division, except the division's owned and leased property, plant and equipment. Pioneer-Standard will reportedly dispose of these assets and expects to receive from $8 to $12 million in cash for them.

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