Arrow Electronics has agreed to acquire TechTurn, an electronics asset disposition services firm that specializes in the processing and sale of returned and recycled technology equipment.
Asset disposition services is becoming a hot subject as more end users are required to properly dispose of old electronics equipment. Last week, distributor Ingram Micro launched its own suite of services through a new partnership with U.S. Micro, another asset disposition specialist.
TechTurn is headquarted in Austin, Tex., has 135 employees and expects $50 million in sales in 2012, according to Arrow. Its portfolio of services includes asset retirement, data wipe, asset test and diagnostics, data sanitation, and refurbishment and remarketing. It has seven service facilities in the U.S., according to TechTurn's web site.
"This acquisition will strengthen our existing portfolio of services and is a continuation of our global strategy to expand into faster growing services that span the full lifecycle of technology and complement our core businesses,” said Paul Reilly, Arrow executive vice president of finance and operations and CFO, in a statement.
The acquisition is expected to close in the next 45 days.
Arrow shares were trading at $41.16, up $3.31 or 8.8 percent, Wednesday afternoon.
