Grainger Announces Intent To Acquire Techni-Tool, Inc.
CHICAGO, Dec. 17, 2012 /PRNewswire/ -- Grainger (NYSE: GWW), the leading broad line supplier of maintenance, repair and operating products serving businesses and institutions, today announced its intent to acquire Techni-Tool, Inc., and its affiliate Wassco Inc., leading specialist distributors serving manufacturing customers with 2011 sales of $88 million. Grainger expects the transaction to close by December 31, 2012, subject to standard conditions, and be neutral to 2013 earnings per share. Terms of the agreement were not disclosed.
Founded in 1959 and based in Worcester, Pa., Techni-Tool, along with Wassco, employs approximately 200 people and provides nearly 25,000 products and related services to manufacturers in the electronics, telecommunications and medical services industries.
"This acquisition brings together two great companies with a strong passion for customer service and helps provide manufacturing customers with more of the products, services, solutions and technical expertise they need to keep their facilities running and their employees safe. Acquisitions like Techni-Tool play a key role in supplementing our organic growth strategies," said Court Carruthers, Senior Vice President and President, Grainger U.S.
W.W. Grainger, Inc. with 2011 sales of $8.1 billion is North America's leading broad line supplier of maintenance, repair and operating products, with expanding global operations. Visit www.grainger.com/investor for more information about the company.
SOURCE W.W. Grainger, Inc.