On July 24, 2001, EE Times reported that Arrow Electronics planned to cut an additional 1,000 jobs, close some facilities and reduce other operating costs. The company cited worsening conditions in its electronic-components business. The figures and plans below describe that 2001 announcement, not Arrow’s current workforce or finances.
What Arrow announced
The reported plan called for an additional 1,000 workers to be laid off, some facilities to be closed and other operating expenses to be reduced. Arrow’s then-president and chief executive, Francis Scricco, said the actions were intended to structure the company to match its current level of business.
EE Times did not identify the facilities slated for closure or specify the geographic distribution and timing of all affected roles. The report therefore does not establish which sites or individual jobs were affected.
Why Arrow said it was cutting costs
The pressure centered on Arrow’s electronic-components business. According to the report, equipment makers and contract manufacturers—particularly in communications and networking—were ordering less as they worked through their own inventories of components and finished products. Arrow described component sales as declining sequentially.
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At the same time, stronger sales of computer products helped second-quarter earnings exceed expectations. That relative strength did not offset the deterioration in the components business or the increase in selling, general and administrative (SG&A) costs as a share of sales.
Arrow’s reported second-quarter results
The following figures are historical numbers reported by EE Times for Arrow’s second quarter of 2001 and the year-earlier quarter. They are not present-day financial measures.
| Measure | Second quarter 2001 | Second quarter 2000 |
|---|---|---|
| Net income | $7 million | $84 million |
| Revenue | $2.5 billion | $3.2 billion |
| Gross margin | Approximately 16% | Not stated in the report |
| SG&A as a share of sales | 11.9% | 9.1% |
The report tied the cost action to the rising SG&A burden relative to sales amid declining component demand. The year-over-year comparisons show the scale of the pressure described at the time; they do not, by themselves, establish the later results of the announced cuts.
What savings Arrow forecast
Arrow expected the reductions to lower expenses by $100 million and anticipated a one-time reorganization charge in the third quarter. These were forecasts reported in July 2001, not confirmation that the savings were achieved or that the charge ultimately matched the expectation.
The report also said Arrow was reviewing its Internet investments and might reduce the unit’s book value. It described a possible action, not a completed write-down.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How this differs from Arrow’s later efficiency plan
Arrow’s 2024 Form 10-K describes a separate Operating Expense Efficiency Plan announced on October 31, 2024. The later plan covered operational reorganization and centralization, warehouse and logistics improvements, IT automation and process work, real-estate consolidation, lower third-party spending and the winding down of certain non-core businesses. It is not the same announcement as the 2001 job cuts.
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In that filing, Arrow estimated $185 million in pre-tax restructuring charges and annual operating-expense savings of approximately $90 million to $100 million by the end of fiscal 2026. The company expected substantial completion by fiscal year-end 2026, subject to local legal and consultation requirements. Those estimates belong to the 2024–2026 plan and should not be attributed to the 2001 action.
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