WESCO International, Inc. Announces the Acquisition of Hi-Line Utility Supply
PITTSBURGH, May 21, 2014 /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. has entered into a definitive agreement to acquire Hi-Line Utility Supply Company. Closing is expected to occur in the coming months, subject to customary closing conditions.
With two branches in Elgin, Ill., and Millbury, Mass., Hi-Line Utility generates approximately $30 million in annual revenue. Hi-Line Utility is a provider of utility MRO and safety products, as well as rubber goods testing and certification services.
Mr. John J. Engel, WESCO's Chairman, President, and Chief Executive Officer, said, "Hi-Line has an excellent reputation in the marketplace. The addition of Hi-Line augments WESCO's utility product and service offerings and strengthens our portfolio within utility and industrial end markets. 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 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. 2013 annual sales were approximately $7.5 billion. The company employs approximately 9,200 people, maintains relationships with over 25,000 suppliers, and serves over 75,000 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 around the world, 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 that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.