Future Electronics Inc.
Company typePrivate
IndustryElectronics
Founded1968; 56 years ago (1968)
FounderRobert G. Miller
FateAcquired by WT Microelectronics
HeadquartersPointe-Claire, Quebec, Canada
Number of locations
170 offices in 44 countries
Area served
Worldwide
Key people
Omar Baig-Mirza (President)[1]
RevenueUS$5 billion (2014)[2]
Number of employees
5,200 (2023)[3]
Websitefutureelectronics.com

Future Electronics Inc. is a distributor of electronic and electro-mechanical components headquartered in Pointe-Claire, Quebec.

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

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 the decades that followed, Future became a globally recognised 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] 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, founder Robert Miller stepped down as chairman and CEO of the company amid allegations that he solicited multiple underage girls for sex, while denying the accusations.[12][3]

On September 14, 2023, it was announced that WT Microelectronics of Taiwan had entered into an agreement to acquire Future Electronics for US$3.8 billion. The transaction is expected to close in the first half of 2024.[12][3]

Leadership history

Chief Executive Officers of Future include:

See also

References

  1. ^ "Future Electronics Announces New Executive Team" (Press release). 8 February 2023.
  2. ^ a b c Dolan, Kerry A. (31 March 2014). "Press-Shy Canadian Electronics Billionaire Robert Miller Breaks His Silence". Forbes. Retrieved 15 July 2015.
  3. ^ a b c Dion, Matthieu (September 14, 2023). "Taiwan's WT Buys Future Electronics for $3.8 Billion Amid Probe of Founder". Bloomberg News.
  4. ^ "DeSoto lands electronics warehouse - Memphis Business Journal". Bizjournals.com. 2002-10-27. Retrieved 2013-09-04.
  5. ^ "2021 Top 50 Electronics Distributors List". sourcetoday.com. Retrieved 2013-09-04.
  6. ^ Caporicci, Claudio. "Future Electronics President Robert Miller Congratulates Austria Office on Their 20th Anniversary". PR.com. Retrieved 23 January 2022.
  7. ^ "Future Electronics Comany History". Zippia. Retrieved 2023-07-26.
  8. ^ "Robert G. Miller". Forbes. Retrieved 2022-12-14.
  9. ^ "Future Electronics and Robert Miller Celebrate 43rd Anniversary of Company's Incorporation in the US". The Free Library. Retrieved 2023-07-26.
  10. ^ 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.
  11. ^ "Montreal's reclusive billionaire". National Post. Toronto, Ontario. Financial Post. 1999-05-15. p. 68. Retrieved 2023-11-11 – via Newspapers.com.
  12. ^ a b "Quebec billionaire accused of paying minors for sex to sell Future Electronics for $5B". CBC.ca. The Canadian Press. September 14, 2023.

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