Effective Nov. 15, the company's current office near Centennial Airport will become its headquarters. This will be the largest company to ever call Colorado home.
Colorado's Office of Economic Development and International Trade and will begin actively recruiting Arrow Electronics' supply chain partners to also locate to Colorado or at least start doing business in the state. The company partners with more than 1,200 suppliers and 115,000 original equipment manufacturers around the world.
Arrow Electronics currently employs approximately 1,000 workers in Colorado.
To help Arrow Electronics potentially grow its workforce in Colorado, the state's Economic Development Commission last week approved tax credits of up to $11.4 million over five years for the creation of 1,250 more jobs. The credits were made available through the state's Job Growth Incentive Tax Credit Program approved by the Colorado General Assembly in 2009.
"We are essentially putting our money where our mouth is. This is our goal, right? To be the most successful place to start a company in the country," Gov. John Hickenlooper said on Tuesday.
"I can't tell you how proud we are to move to Colorado. We are a growth company. We will continue to grow. We have a history of growth, and we believe the best place for us is Colorado to help us continue to grow globally," Mike Long, CEO of Arrow Electronics, said.
Long says the tax incentive really isn't the motivation behind their choice. It comes down to the right combination of everything.
"[The] DIA expansion is important to us. The highly educated workforce is important to us; the easy access to store our product," Long said.
Part of the deal is that the state will push for an expansion at Denver International Airport to allow for more flights to Asia and more direct flights to that part of the world.
"We are already working with CU [to make sure students are getting the right education and degree for the job] and we are also looking into working with DU," Long said.
Lynn Myers with the Southeast Business Partnership says if you live in Colorado, this benefits you.
"It's a bonus for all of Colorado. It will help real estate, merchants, local businesses, restaurants, it means that house on your street has a better chance to sell. It really will just help us all thrive," Myers said.
Arrow Electronics will join nine other Fortune 500 companies that have headquarters in Colorado, including Ball, CH2M Hill, DaVita, DISH Network, Level 3, Liberty Global, Liberty Media, Newmont Mining and Western Union.
(KUSA-TV © 2011 Multimedia Holdings Corporation)