Future Electronics Inc. is a distributor of electronic and electro-mechanical components headquartered in Pointe-Claire, Quebec.
 | |
 Headquarters in Montreal, Canada | |
| Company type | Private |
|---|---|
| Industry | Electronics |
| Founded | 1968 |
| Founder | Robert G. Miller |
| Fate | Acquired by WT Microelectronics |
| Headquarters | Pointe-Claire, Quebec, Canada |
Number of locations | 170 offices in 44 countries |
Area served | Worldwide |
Key people | Omar Baig-Mirza (President)[1] |
| Revenue | US$5 billion (2014)[2] |
Number of employees | 5,200 (2023)[3] |
| Website | futureelectronics |
Future Electronics is one of Quebec's largest privately owned companies[4] and is currently the third largest electronics distributor in the world.[5] It operates in 170 locations in 44 countries in the Americas, Europe, Asia, Africa and Oceania.[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]
History
editFuture 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 the decades that followed, Future became a globally recognized distributor of components. It remains privately owned to this day.[9]
In 1999, the company was raided by the U.S. Federal Bureau of Investigation (FBI) and the Royal Canadian Mounted Police in a fraud probe into the company.[10][11] 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.[12] A few years later, in 2002, the FBI and U.S. Attorney's Office announced they would not pursue charges in the matter.[10]
In February 2023, its founder ceased to be chairman and CEO of the company amid allegations that he solicited multiple underage girls for sex, while denying the accusations.[13][3]The founder of Future Electronics Robert Gerald Miller was arrested in May of 2024 on 21 sex charges involving 10 complainants, many of whom were minors when the alleged offences occurred between 1994 and 2016. One of the alleged victims was under the age of 14.[14]
In late 2023, it was announced that WT Microelectronics had entered into an agreement to acquire Future for US$3.8 billion, to be completed in the first half of 2024.[13][3] On April 2, 2024, WT Microelectronics of Taiwan announced it had completed the acquisition.[15]
Leadership history
editChief Executive Officers of Future include:
- Robert Gerald Miller (1968–2023)
- Omar Baig-Mirza (2023–present)
See also
edit- Competitor CDW
- Competitor TD Synnex
- Competitor Arrow Electronics
- Competitor Avnet
References
edit- ^ "Future Electronics Announces New Executive Team" (Press release). 8 February 2023.
- ^ a b c Dolan, Kerry A. (31 March 2014). "Press-Shy Canadian Electronics Billionaire Robert Miller Breaks His Silence". Forbes. Retrieved 15 July 2015.
- ^ a b c Dion, Matthieu (September 14, 2023). "Taiwan's WT Buys Future Electronics for $3.8 Billion Amid Probe of Founder". Bloomberg News.
- ^ "DeSoto lands electronics warehouse - Memphis Business Journal". Bizjournals.com. 2002-10-27. Retrieved 2013-09-04.
- ^ "2021 Top 50 Electronics Distributors List". sourcetoday.com. Retrieved 2013-09-04.
- ^ Caporicci, Claudio. "Future Electronics President Robert Miller Congratulates Austria Office on Their 20th Anniversary". PR.com. Retrieved 23 January 2022.
- ^ "Future Electronics Company History". Zippia. 27 August 2020. Retrieved 2023-07-26.
- ^ "Robert G. Miller". Forbes. Retrieved 2022-12-14.
- ^ "Future Electronics and Robert Miller Celebrate 43rd Anniversary of Company's Incorporation in the US". The Free Library. Retrieved 2023-07-26.
- ^ a b McIntosh, Andrew (2010-07-30). "Billionaire in messy, secretive divorce". North Bay Nugget. QMI Agency. p. 10. Retrieved 2023-11-11 – via Newspapers.com.
- ^ "Montreal's reclusive billionaire". National Post. Toronto, Ontario. Financial Post. 1999-05-15. p. 68. Retrieved 2023-11-11 – via Newspapers.com.
- ^ EETimes (1999-11-12). "U.S. government outlines case against Future Electronics". EE Times. Retrieved 2024-07-24.
- ^ a b "Quebec billionaire accused of paying minors for sex to sell Future Electronics for $5B". CBC.ca. The Canadian Press. September 14, 2023.
- ^ https://www.cbc.ca/news/canada/montreal/robert-miller-court-1.7253165.
{{cite web}}: Missing or empty|title=(help) - ^ "WT Microelectronics Completes Acquisition of Future Electronics". Future Electronics. Retrieved 2024-04-03.