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Arrow Electronics Lays Off 400

Arrow Electronics plans to lay off 400 people as part of a plan to reduce operating expenses by $25 million on an annualized basis.

The layoffs, about 3 percent of its global workforce, will occur across multiple locations and functions, according to the company.

The Melville-based distributor will record restructuring charges between $12 million and $15 million in connection with the layoffs, about half of which will be included in its second quarter results, according to the company.

"It is unfortunate that our decisions require the elimination of employee positions, but we must continue to identify opportunities to operate more efficiently and, at the same time, enhance our ability to meet the needs of our customers and suppliers," said William Mitchell, president and CEO of Arrow, in a statement. "This is an evolutionary process that is critical to the success of Arrow and those who depend on us."

Shares of Arrow closed at $16.36 Wednesday, down 39 cents or 2 percent per share.

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