Business
Richelieu acquires New Century Distributors Grp LLC in New Jersey, U.S.
Richelieu acquires New Century Distributors Grp LLC in New Jersey, U.S.
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n Aug. 31, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nFourth acquisition since the beginning of 2010\n\nTSX: RCH\n\nMONTREAL, Aug. 31 /CNW Telbec/ - Richelieu Hardware Ltd. announces the closing of the acquisition of the net assets of New Century Distributors Grp LLC ("New Century"), a distributor of specialty hardware products targeted to a customer base of kitchen cabinet manufacturers and the residential and commercial woodworking industry, based in Avenel, New Jersey, U.S.\nThis acquisition strengthens Richelieu's presence in the New Jersey market, gives it access to the new Pennsylvania market and adds sales of more than $3 million annually to its revenues as well as a new distribution centre in the United States where its network now includes 21 centres. New Century is fully compatible with Richelieu's operations, meets its acquisition criteria and will contribute to its earnings. This is the second acquisition of the three agreements announced in July 2010 upon the release of the results for the second quarter of the current year. The third transaction could close in the coming weeks.\n\n\n >\n\n\nIn addition to the three agreements in principle already announced, Richelieu recently signed an agreement in principle to acquire a distributor of specialty hardware, laminates and finishing products operating in the U.S. Midwest.\nSince the beginning of fiscal 2010, Richelieu has opened a new centre in North Carolina and closed four acquisitions (Woodland Specialties, New York - Raybern Company, Connecticut - Gordon Industrial Materials, Montreal and Mississauga - New Century, New Jersey). The completed acquisitions and the two transactions underway represent additional sales of about $70 million annually. The closing of each of the two new transactions is subject to due diligence and negotiation of the purchase agreement to the satisfaction of the parties.\n\n\n >\n\n\nRichelieu is a leading North American dis...