WESCO International, Inc. Announces the Acquisition of Canadian-headquartered LaPrairie, Inc.
PITTSBURGH, Dec. 20, 2013 /PRNewswire/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced today that WESCO Distribution, Inc., through its wholly-owned Canadian subsidiary, has entered into a definitive agreement to acquire LaPrairie, Inc. Closing is expected to occur in January 2014.
LaPrairie generates approximately $30 million in annual revenue from a single location in Newmarket, Ontario. LaPrairie is a wholesale distributor of electrical products servicing the transmission, distribution, and substation needs for utilities and utility contractors for the last 25 years across Ontario, Quebec, and Atlantic Canada. The addition of LaPrairie further expands WESCO's presence in Canada and strengthens our utility product and services portfolio.
Mr. John J. Engel, WESCO's Chairman, President and Chief Executive Officer, stated, "LaPrairie is a well-regarded distributor of electrical products with a strong technical sales force that has developed long-standing relationships with utility customers. This acquisition is expected to be accretive to earnings by approximately $0.03 per diluted share in the first year of operation."
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and advanced supply chain management and logistic services. 2012 annual sales were approximately $6.6 billion. The Company employs approximately 9,000 people, maintains relationships with over 18,000 suppliers, and serves over 65,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers and utilities. WESCO operates nine fully automated distribution centers and approximately 475 full-service branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements, including statements regarding whether and when the acquisition is expected to be consummated, that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations, including risks related to the acquisition, financing, and integration of EECOL, results of the review of the proposed transaction by regulatory authorities, satisfaction of various other conditions to closing contemplated by the agreement, debt levels, changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.