Future Electronics Inc. is a distributor of electronic and electro-mechanical components headquartered in Pointe-Claire, Quebec.
Quick Facts Company type, Industry ...
Future Electronics Inc. |
Headquarters in Montreal, Canada |
| Company type | Private |
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| Industry | Electronics |
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| Founded | 1968; 56 years ago (1968) |
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| Founder | Robert G. Miller |
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| Fate | Acquired by WT Microelectronics |
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| Headquarters | Pointe-Claire, Quebec, Canada |
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Number of locations | 170 offices in 44 countries |
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Area served | Worldwide |
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Key people | Omar Baig-Mirza (President)[1] |
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| Revenue | US$5 billion (2014)[2] |
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Number of employees | 5,200 (2023)[3] |
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| Website | futureelectronics.com |
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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 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, 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.[12][3]
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.[12][3] On April 2, 2024, WT Microelectronics of Taiwan announced it had completed the acquisition.[13]
