Digi-Key passes $2 billion milestone for annual sales
THIEF RIVER FALLS—An electronic components distributor based in Thief River Falls has clocked more than $2 billion in annual sales, a rare feat in the business world.
Digi-Key Electronics announced Wednesday it surpassed the milestone. To put that in perspective, it took the company 38 years to reach $1 billion in annual sales but only seven years to hit $2 billion in a year.
Digi-Key reported $1.84 billion in sales last year. The company still has until Dec. 31 to rake in more sales, and is projected to report $2.3 billion by the end of 2017.
Dubbed one of the largest electronic components distributor in the world, Digi-Key sends parts to customers across the world. It employs 3,500 workers, with 3,200 in Thief River Falls.
"Across the globe, Digi-Key employees are consistently doing their part to assist our customers and help our company succeed," President and CEO Dave Doherty said in a statement. "We pride ourselves in doing 1,000 little things every day, which is a testament to the great teamwork displayed at Digi-Key."
The 45-year-old company broke ground this summer on a one-million-square-foot expansion that could cost as much as $300 million. Digi-Key plans to add 1,000 jobs with the expansion.
Construction is slated to begin this spring and should take three years to complete.