Business
Richelieu closes another acquisition in the United States
Richelieu closes another acquisition in the United States.
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nRCH/TSX\n\n\nMONTREAL, March 7 /CNW Telbec/ - Richelieu Hardware Ltd. announces that\nit has closed the acquisition of the operating assets of Village Square\nCabinet Supply. Based in Nashville, Tennessee, this distributor of decorative\nand functional hardware, kitchen accessories and related products mainly\nserves a customer base of kitchen cabinet manufacturers. This acquisition adds\nannual sales of about US$7 million to Richelieu's revenues and immediately\ncontributes to its earnings.\n\n\n"We are pleased to close this acquisition, which is most compatible with\nour business and fully consistent with our criteria. Integrating these new\noperations will bring our American network to 15 distribution centres and will\nenable us to penetrate a new market close to regions in which we are already\npresent, which will favour selling synergies with our existing operations in\nthe United States," indicated Richard Lord, President and Chief Executive\nOfficer of Richelieu.\n\n\nProfile as at March 7, 2007\n\n\n---------------------------\n\n\nRichelieu Hardware Ltd. is Canada's leading distributor, importer and\nmanufacturer of specialty hardware and complementary products. The Company\nalso ranks among the top players in its specialty in North America. Its\nproducts are targeted to an extensive customer base of kitchen and bathroom\ncabinet, furniture, and window and door manufacturers plus the residential and\ncommercial woodworking industry, as well as a large customer base of hardware\nretailers, including renovation superstores. Richelieu offers customers a\nbroad mix of high-end products sourced from manufacturers around the world.\nIts product selection consists of close to 50,000 different items targeted to\na base of over 37,000 customers who are served by 46 centres in North America\n- 29 distribution centres across Canada, 15 in the United States and two\nmanufacturing plants in Canada, specifically Cedan Industries Inc. which\nspecializes in the manufacture of a wide variety of veneer sheets and\nedgebanding products, and Menuiserie des Pins Ltee which manufactures\ncomponents for the window and door industry, a broad selection of mouldings,\nand various types of tackboards and whiteboards.\n\n\nThis press release contains forward-looking statements based on the\nCompany's current outlook. This informa...