Arrow Electronics acquired Universe Electron Corporation (UEC), a Tokyo-based distributor of semiconductor and multimedia products. Arrow Japan — Arrow's first subsidiary to conduct business in Japan — will focus on expanding the company's partnerships with small- and medium-sized customers in the region. Masaharu Shinya, chairman of UEC, will become chairman of Arrow Japan on Nov. 1. "The creation of Arrow Japan will allow us to strategically expand our components business into this significant $60 billion marketplace," William E. Mitchell, chairman, president, and chief executive officer of Arrow Electronics, said in a statement. "With this transaction, we now have a solid foundation which we will use as a platform to grow our presence in this important region." In 1998, Arrow formed a joint venture with Marubun Corporation to serve Japanese customers who need support outside of Japan. Marubun and Arrow will continue as partners in the Marubun-Arrow joint venture.