Smith to Sell Its Solar Division

HOUSTON, Nov. 22, 2021 /PRNewswire-PRWeb/ -- Smith, a global distributor of electronic components and provider of custom supply chain solutions, today announces it has signed an agreement to sell its solar sales and services division, known as ONTILITY Powered by Smith, to BBB Industries, LLC under its new division, TerrePower. Smith co-founders Bob and Lee Ackerley established ONTILITY in 2009 and brought it under the Smith umbrella in 2016. It has seen continued growth year over year.

"Smith has been an incredible incubator, and, after more than 10 years in business, we are very pleased to bring our robust operations and experienced workforce to BBB Industries," said Alexandra Harrison, EVP of Sales and Procurement at ONTILITY. "Bob and Lee Ackerley's mentorship has pushed ONTILITY to new heights and positioned us for continued success as we venture forward within the burgeoning solar-power industry."

TerrePower will work to give new life to used, broken, and expired solar panels and electric-vehicle batteries. Utilizing its sustainable manufacturing processes, the company will help keep these items out of landfills and put them back into the market as cost-effective and environmentally friendly options.

All current ONTILITY employees will transfer to the new company in connection with the acquisition. Additionally, Lindsey Garland, Smith's Director of Corporate Strategy, will join TerrePower as Director of Finance for ONTILITY.

"Over the last decade, ONTILITY has become a leader in solar products and technology, and I am excited to see these talented employees thrive in this next chapter under BBB Industries," said Kirk Wehby, Chief Executive Officer at ONTILITY and Chief Operating Officer at Smith. "As we move forward, sustainability will remain a key tenet of Smith's business model, and we will continue to pursue opportunities to promote environmental stewardship in our operations."

About Smith

Founded in 1984, Smith sources, manages, and distributes the electronic components that go into everything from mobile phones and computers to appliances and directional drilling systems. In 17 cities around the world, Smith's legion of employees communicates in 50 languages and dialects and buys and sells components 24 hours per day, generating global annual sales in excess of $1.39 billion. Smith is always moving: helping manufacturers navigate market shifts; customizing supply chain solutions; testing components using cutting-edge technology. The support of Smith's flexible Intelligent DistributionTM model optimizes customers' supply chains from beginning to end, including offering customized options for IT asset disposition that deliver maximum ROI, sustainability, and security. Smith's testing and logistics hubs in Houston, Hong Kong, and Amsterdam cover critical areas like quality management, counterfeit prevention, and environmental safety. Smith's operations, purchasing, and sales worldwide are seamlessly integrated with the company's global IT infrastructure, offering real-time, global inventory and logistics visibility. Smith is the leading independent distributor of electronic components and ranks number eight among all global distributors. For more information, please visit http://www.smithweb.com or reach out to a Smith representative any time of day at +1 713.430.3000.

Media Contact

Rich Witmer, Smith, +1 713.430.2141, [email protected]

SOURCE Smith