GLENVIEW, Ill., Dec. 20, 2010 /PRNewswire-FirstCall/ -- Anixter International Inc. (NYSE: AXE), a leading global distributor of communication and security products, electrical and electronic wire & cable, fasteners and other small parts, today announced that it has acquired all the outstanding shares of Clark Security Products, Inc. and the assets and operations of General Lock, LLC (collectively "Clark").
Clark, based in San Diego, California, is a distributor of security products and locksmith supplies to commercial, industrial and government entities throughout the United States, with major distribution centers in San Diego, CA; Dallas, TX; Sacramento, CA; Denver, CO; Lexington, KY; Silver Spring, MD; Phoenix, AZ; and Kent, WA. Clark's broad array of products includes locking hardware, access control devices, closed circuit television, along with various technical support services.
Anixter will pay consideration of approximately $36.6 million in cash for all the assets and operations of Clark. The final purchase price will be determined when the net asset balance of Clark is confirmed. Annual sales for Clark are expected to be approximately $115 million for 2010. Anixter expects the acquisition to be accretive to earnings in the first full year of ownership.
Commenting on the acquisition, Bob Eck, President and CEO of Anixter, said, "We are pleased to have Clark become part of Anixter and look forward to gaining their insight and partnering with the excellent team that has successfully led these two businesses. As a market leader, Clark immediately positions Anixter as a significant player in the access control market. Combined with Anixter's existing security business, we will continue to lead the security market as it increasingly migrates towards IP (Internet Protocol) based systems. By leveraging Anixter's geographical presence and logistics capabilities, we will first expand the reach of Clark's product set across North America and then into international markets, which is consistent with our stated strategic growth initiatives."
Anixter International is a leading global distributor of communication and security products, electrical and electronic wire & cable, fasteners and other small parts. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs, 2) more than 450,000 products and over $950 million in inventory, 3) 218 warehouses with approximately 7 million square feet of space, and 4) locations in 260 cities in 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under the symbol AXE.
Safe Harbor Statement
The statements in this news release that use such words as "believe," "expect," "intend," "anticipate," "contemplate," "estimate," "plan," "project," "should," "may," "will," or similar expressions are forward-looking statements. They are subject to a number of factors that could cause the company's actual results to differ materially from what is indicated here. These factors include general economic conditions, including the severity of current economic and financial market conditions, the level of customer demand particularly for capital projects in the markets we serve, changes in supplier sales strategies or financial viability, political, economic or currency risks related to foreign operations, inventory obsolescence, copper price fluctuations, customer viability, risks associated with accounts receivable, the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, potential impairment of goodwill and risks associated with integration of acquired companies. These uncertainties may cause our actual results to be materially different than those expressed in any forward looking statements. We do not undertake to update any forward looking statements. Please see the company's Securities and Exchange Commission filings for more information.
Additional information about Anixter is available on the Internet at
SOURCE Anixter International Inc.