Global ITAD services provider Arrow Electronics will close the asset disposition side of its business by the end of the year after the company experienced two quarters of worsening financial returns. The publicly-traded company on July 15 announced its preliminary second-quarter financial results, which showed lower returns than anticipated. As a result, Arrow is taking a series of “decisive actions to preserve profits,” according to a release to investors. In one of those decisions, the company elected to close its PC and mobility asset disposition business. Management anticipates incurring $115 million in personnel and other charges related to the closure of Arrow’s ITAD business. The company will no longer receive devices at its facilities after August 5. Arrow expects that the wind-down of the personal computer and mobility asset disposition business will be substantially complete by the end of 2019.
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