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 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]
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 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]
Chief Executive Officers of Future include:
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