Business
Richelieu acquires E. Kinast Distributors, Inc. ("EKD") in Illinois, U.S.
Richelieu acquires E. Kinast Distributors, Inc. ("EKD") in Illinois, U.S.
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n Sep. 28, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n >\n\n\nMONTREAL, Sept. 28 /CNW Telbec/ - Richelieu Hardware Ltd. announces the closing of the acquisition of the net assets of E. Kinast Distributors, Inc., located in Hannover Park, in the Chicago region, Illinois (U.S.). EKD is a distributor of hardware, laminates, finishing and complementary products targeted to a customer base of kitchen cabinet makers and the residential and commercial woodworking industry.\nThrough this acquisition, Richelieu establishes its presence in the Greater Chicago Area, increases its sales by some $10 million annually and adds a new distribution centre to its U.S. network, which now comprises 22 centres. EKD's activities are fully compatible with Richelieu's operations and acquisition criteria.\nSince the beginning of 2010, Richelieu has opened one new centre in North Carolina and closed five acquisitions, including EKD. Another acquisition project (announced in July 2010) is currently undergoing due diligence and negotiation of the acquisition agreement to the satisfaction of both parties. With these five acquisitions and the transaction in progress, Richelieu is expected to increase its sales by some $70 million annually.\nOn September 30, 2010, Richelieu will announce its results for the third quarter ended August 31, 2010.\n\n\n >\n\n\nRichelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are...