WESCO International, Inc. Announces the Acquisition of RS Electronics
PITTSBURGH, Dec. 15, 2011 /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 a subsidiary of WESCO Distribution, Inc. has entered into a definitive agreement to acquire RS Electronics headquartered in Livonia, Michigan. Closing is expected to occur in January 2012. RS Electronics is a leading North American distributor of electronic and electrical products serving primarily the industrial, medical equipment, automotive and contract manufacturing end markets. RS Electronics has eight branches located in the Mid-west and Southeast with forecasted 2011 sales of approximately $60 million.
Mr. John J. Engel, WESCO's Chairman and Chief Executive Officer stated, "We are very pleased to announce the acquisition of RS Electronics. Along with our acquisitions of Carlton Bates Company in 2005 and AA Electric in 2008, RS Electronics expands our industrial OEM customer base and electronic-based product offerings. The acquisition is expected to be accretive to earnings by at least $0.04 per diluted share in the first year of operation."
Mr. Howard Taxe, RS Electronics' President commented, "WESCO is an outstanding organization and we are very pleased to be joining their team. Our combination with WESCO provides growth opportunities for our employees and additional resources and programs for our customers."
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 logistics services. 2010 annual sales were approximately $5.1 billion. The Company employs approximately 7,000 people, maintains relationships with over 17,000 suppliers, and serves over 100,000 customers worldwide. Customers include industrial and commercial businesses, contractors, governmental agencies, institutions, telecommunications providers and utilities. WESCO operates seven fully automated distribution centers and approximately 400 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 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, 2010, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.