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Digi-Key passes $2 billion milestone for annual sales

Digi-Key President and CEO Dave Doherty stands with his company's boxed goods in this September 2016 photo. photo by Eric Hylden/Grand Forks Herald

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.

April Baumgarten

April Baumgarten joined the Grand Forks Herald May 19, 2015, and covers business and political stories. She grew up on a ranch 10 miles southeast of Belfield, where her family continues to raise registered Hereford cattle. She double majored in communications and history/political science at Jamestown (N.D.) College, now known as University of Jamestown. During her time at the college, she worked as a reporter and editor-in-chief for the university's newspaper, The Collegian. Baumgarten previously worked for The Dickinson Press as the Dickinson city government and energy reporter in 2011 before becoming the editor of the Hazen Star and Center Republican. She then returned to The Press as a news editor, where she helped lead an award-winning newsroom in recording the historical oil boom.

Have a story idea? Contact Baumgarten at 701-780-1248.

(701) 780-1248
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