PORT WASHINGTON, N.Y., July 25, 2016 /PRNewswire/ -- Systemax Inc. (NYSE: SYX) today announced it has signed a definitive agreement under which CANCOM SE shall acquire certain assets of Misco Germany, including its employees and customer relationships. The transaction, which is subject to certain closing conditions, is expected to close in August 2016. Financial terms of the transaction were not disclosed.
"With the sale of our German business to CANCOM SE we have found a terrific home for all of our German employees and customers," said Larry Reinhold, Chief Executive Officer of Systemax. "Germany has been our most challenged market for a number of years and this transaction will have a positive impact on the future overall financial performance of our EMEA and consolidated operations."
Systemax's EMEA Technology Products Group is a reseller of IT hardware, software and solutions to SMB, Enterprise, Public Sector and SOHO customers. Its primary brands, MISCO and Inmac Wstore, utilize a multi–channel selling platform offering thousands of branded IT and related category products from the top manufacturers in the industry, such as personal computers, notebooks, consumer electronics, accessories and supplies.
About Systemax Inc.
Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells industrial and technology products through a system of branded e-Commerce websites and relationship marketers in North America and Europe. The primary brands are Global Industrial, C&H, MISCO and Inmac Wstore.
This press release contains forward looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Statements contained in this press release that are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are based on management's estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Forward looking statements may include, but are not limited to, projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures, statements regarding future operations, expansion or restructuring plans, including our recent exit from and winding down of our NATG operations, financing needs, compliance with financial covenants in loan agreements, the implementation or performance of technology systems discussed below, the turnaround plans for our UK operations, the performance of our shared service center in Hungary, fluctuations in economic conditions and exchange rates, including factors impacting our substantial international operations, plans for acquisition or sale of assets or businesses, consolidation and integration of operations of recently acquired businesses, including our acquisitions of SCC/Misco Solutions in the Netherlands and of Plant Equipment Group in the US, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward looking statements.
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SOURCE Systemax Inc.