Thief River Falls, MN - Digi-Key Corporation is officially a billion-dollar company.

The electronic components distributor, recognized for having the industry’s broadest selection of electronic components available for immediate shipment, has announced it surpassed $1 billion in worldwide sales in 2010. While the company anticipated reaching this milestone in 2010, the achievement came ahead of schedule.

"Reaching and surpassing $1 billion in annual worldwide sales is a major accomplishment for Digi-Key and one for which we have diligently worked," says Mark Larson, Digi-Key’s president and COO.

"Digi-Key has grown by an average of 15 percent each year since 1987. This is real, organic growth – not the result of acquisition, but growth based on Digi-Key’s expanded reach to customers around the globe."

The privately held electronic component distributor was on track to reach $1 billion in sales in 2008 before the global economic recession caused sales to decrease in the last half of the year. Despite the economic downturn and a decrease in sales of nearly 6 percent for 2009, Digi-Key gained market share in the down market.

Some of Digi-Key’s publicly held competitors experienced far greater sales decreases, making it more difficult for them to ‘bounce back’ when the economy began to revive.

"Digi-Key gained market share in the down market of 2009 because our decrease in sales was about half that of the electronic distribution industry. Digi-Key is gaining share in the up market of 2010 as our sales increase at a rate almost twice that of the industry. We are really outdistancing the pack when it comes to gaining market share in this industry," Larson says.

As of today, Digi-Key’s worldwide sales have increased by more than 75 percent year over year. The company is projected to reach nearly $1.5 billion in worldwide sales for 2010.

"Much of our sales growth can be attributed to Digi-Key’s expanding presence online," says Tony Harris, Digi-Key’s chief marketing officer (CMO).

"We are targeting several initiatives to give our customers a myriad of resources for product information, education, application, and selection on our website, www.digikey.com, with more to come in the future."

Digi-Key’s growth is partially attributed to increased sales in Brazil, China, Europe, India, Japan, Mexico, Russia, and other regions around the world.

Below is a list of several countries in which Digi-Key experienced increased sales year over year for January through June 2010:

• Brazil – increase of 68.4 percent.
• China – increase of 342.76 percent.
• Estonia – increase of 99.22 percent.
• Germany – increase of 163.22 percent.
• Hungary – increase of 216.25 percent.
• India – increase of 61.88 percent.
• Japan – increase of 139.92 percent.
• Lithuania – increase of 190.02 percent.
• Mexico – increase of 109.89 percent.
• Romania – increase of 256.34 percent.
• Russia – increase of 119.75 percent.
• Slovakia – increase of 224.97 percent.
• Spain – increase of 137.03 percent.
• Switzerland – increase of 198.91 percent.
• Ukraine – increase of 80.74 percent.
• United Kingdom – increase of 113.71 percent.

Results from the May 2010 EE|Times Distributor Customer Evaluation Study show Digi-Key outranks its competitors in North America as the Most Preferred Distributor for 2010. Study results also rank Digi-Key #1 for Largest Breadth of Product Line, Excellent Website, Ease of Doing Business, Competitive Pricing, Availability of Product, and On-Time Delivery.

"Digi-Key is recognized for having the industry’s broadest range of electronic components available for off-the-shelf delivery. Digi-Key’s ranking as the Most Preferred Distributor verifies this company as an advancing competitor in the electronic component distribution industry," Larson says.

"Digi-Key is now ranked #4 on the list of the Top 15 Distributors for North American Sales based on the April 2010 EDN study. Ten years ago, Digi-Key was ranked #14 on that list. Digi-Key is ranked #8 on the list of the Top 10 Global Franchised Distributors for Worldwide Revenue based on the May 2010 EE|Times study, climbing from #11 four years ago. If that doesn’t prove Digi-Key is a contender in this business, I don’t know what does."

For more information visit www.digikey.com.