Fortune 500 Company's HQ Leaving Melville

Melville is home to two Fortune 500 companies. By Nov. 15, that number will be down to just one.

Arrow Electronics, which is the 23rd highest grossing company in New York State, announced today that it will move its global headquarters to its operations center in the Denver suburb of Englewood, Colo.

Arrow Electronics, with 2010 revenues of $18.7 billion has had a significant presence in Colorado for the past decade, the electronics and computer components supplier said in a press release.

"With our Colorado operations serving as Arrow Electronics' global headquarters, our commitment to our employees, customers and suppliers remains the foundation of our strategy to create value for our shareholders," said Michael J. Long, chairman, president and chief executive officer for Arrow Electronics. "As we embark on the next phase of the company's history, we look forward to Colorado being the headquarters for the 52 countries that we serve."

While the address of the headquarter is changing, the Melville operations will remain open.

"Our New York operations will continue to play a key role in the company," the CEO, who is also based in Englewood, said. 

The company has about 1,000 employees in Colorado, mostly in the Englewood area, compared to 550 employees in Melville.

Englewood is also already home to the company's global service businesses, which has become a major business venture for the company.

Colorado Gov. John Hickenlooper said the state has approved tax credits for Arrow of up to $11.4 million over five years if 1,250 jobs are created.

According to the governor, Arrow Electronics will be the largest company ever based in the state.