Arrow Electronics, Inc. (NYSE:ARW) is looking for acquisitions. William Austen, Interim CEO and Board of Directors Member, said, "So our capital allocation strategy is no different than others. Number one, organic growth.

Organic growth. Number 2 would be M&A, strategic M&A. And I want to talk about M&A for a moment in the sense of we're not going to buy stuff to get bigger. It just makes no sense.

We're going to buy stuff that again, this unique ability to set us apart from others. That's where you would see us make acquisitions. And that would be in a service since some service area.

IP&E is an ideal space for us to make an acquisition. If you look at our first quarter results, it's the first time in our history that we exceeded $1 billion in revenue in IP&E and completely attribute that to the fact that we stood it up on its own. We have a focus on it.

We have a team on it. We got the right amount of mass on it. They're making quick decisions, and we exceeded $1 billion in revenue First Quarter in IP&E. IP&E carries a whole lot more margin than the semiconductor.

It's not as high as value-added services, but it's a lot higher than semiconductor. So you would see us being pushing in M&A on IP&E. The other would be a share buyback. And if you go back the last 5 years, I think the number is something like we bought back $3.6 billion worth of shares at an average price of about $98 a share.

So we've created a tremendous amount of shareholder value just through buyback. We had $1 billion authorization. It was running out.

We're down to maybe $150 million left on that. Our Board just reauthorized another $1 billion. We don't put a time frame on it because we'll do it strategically as we go across the next several years.

But share buyback is always going to be a part of it, acquisitions two, number one, organic growth".