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Future Electronics
Canadian distribution company From Wikipedia, the free encyclopedia
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Future Electronics Inc. is a distributor of electronic and electro-mechanical components headquartered in Pointe-Claire, Quebec, Canada.
Until its acquisition in 2024, Future Electronics was one of Quebec's largest privately owned companies[4] and is one of the world's largest electronics distributors.[5][needs update] It operates in 170 locations in 44 countries around the world.[6]
The company follows a business model that emphasizes zero debt and the willingness to buy and hold inventories, allowing the company to maintain positive relationship with component suppliers.[2] In 2014, its revenues were $5 billion.[2]
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History
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Future Electronics was founded in November 1968 when Robert Miller left his job in electronics distribution to form a new company. Alongside his business partner, Eli Manis, Miller set up an office in Montreal and began a distribution operation. In 1972, the pair opened an office in Boston, Massachusetts.[7]
Miller became the sole owner of the company after he bought Manis out for $500,000 in 1976.[8] By 1988, an office in Huntsville, Alabama had opened its doors, and Future Electronics was a major distributor in the United States.
In 1999, the company was raided by the U.S. Federal Bureau of Investigation and the Royal Canadian Mounted Police in a fraud probe into the company.[9][10] U.S. Department of Justice with the Central Authority of Canada suspected Future Electronics of defrauding TI, Motorola, Analog Devices and other U.S.-based companies, by falsely reporting to Texas Instruments and others the amount of their products that FEC sells.[11] In 2002, the U.S. Attorney's Office announced they would not pursue charges.[9]
In February 2023, its founder ceased to be chairman and CEO amid allegations that he solicited multiple underage girls for sex.[12][3] He was arrested in May 2024 and charged with 24 sexual offences, including sexual exploitation of minors.[13] Miller pleaded not guilty to the charges.[14] He was later held to be medically unfit to stand trial.[14]
In late 2023, Taiwanese company WT Microelectronics agreed to buy Future from Miller.[12][3] The US$3.8 billion deal completed on April 2, 2024.[15]
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Leadership history
Chief Executive Officers of Future include:
- Robert Gerald Miller (1968–2023)
- Omar Baig-Mirza (2023–present)
See also
- Competitor CDW
- Competitor TD Synnex
- Competitor Arrow Electronics
- Competitor Avnet
References
External links
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