Business
Richelieu closes the acquisition of Specialty Supplies Inc. in Florida (U.S.)
Richelieu closes the acquisition of Specialty Supplies Inc. in Florida (U.S.).
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\nRCH/TSX\n\nMONTREAL, Oct. 17 /CNW Telbec/ - Richelieu Hardware Ltd. announces the\nclosing of the acquisition of Specialty Supplies Inc., for which the agreement\nin principle was announced on October 4, 2006. Specialty Supplies Inc. is a\ndistributor of decorative and functional hardware, kitchen accessories and\nrelated products, which serves an extensive base of kitchen and bathroom\nmanufacturers. Solidly established in Pompano Beach, Florida for 20 years,\nthis company operates four distribution centres on the Florida East Coast and\nachieves annual revenues of close to US$25 million.\n\"We are very pleased to close this acquisition, which is wholly\ncompatible with our business in terms of product mix and choice of suppliers,\nas well as fully consistent with our earnings and growth criteria. We will\nintegrate these new operations, which will bring our network to 13\ndistribution centres in the United States. Specialty Supplies' operating\nincome is proportionally similar to that generated by Richelieu and offers\nexcellent growth potential, especially since we will build attractive selling\nsynergies with our current U.S. operations. We are delighted to welcome this\nnew team of about 60 employees, including principal officers who were also\nshareholders of Specialty Supplies,\" indicated Richard Lord.\n\nProfile as at October 17, 2006\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 products sourced from manufacturers around the world. Its product\nselection consists of more than 43,000 different items targeted to a base of\nover 36,000 customers who are served by 44 centres in North America - 29\ndistribution centres across Canada and 13 in the United States plus two\nmanufacturing plants, specifically Cedan Industries Inc. which specializes in\nthe manufacture of a wide variety of veneer ...