RCH/TSX MONTREAL, Feb. 9 /CNW Telbec/ - Richelieu Hardware Ltd. - Canada's leading distributor, importer and manufacturer of specialty hardware and complementary products, and also ranking among the top players in its specialty in North America - has just closed the acquisition of Nystrom Group Inc., a Toronto, Ontario based distributor which whom an agreement in principle had been signed in December 2005. Specializing in the distribution of decorative hardware products and bathroom accessories, Nystrom Group Inc. serves the retailers market, especially renovation superstore chains, primarily in Canada which accounts for 95% of its sales, and also in the United States. This acquisition adds revenues of more than $5 million annually to Richelieu's sales and should immediately contribute to its earnings. This acquisition is Richelieu's third since the beginning of 2006, after those of the decorative and functional hardware and kitchen accessories distributor Atlantic Countertops Limited (Nova Scotia) in December 2005 and Kiika International, LLC (Pennsylvania), a distributor specializing in ergonomic office products, in January 2006. "The acquisition of Nystrom Group further improves our decorative hardware and accessories offering and strengthens our operations in the major retail chains market. We are pleased to have closed this transaction which is fully compatible with our business, our acquisition criteria and our growth objectives in the North American retailers market," indicated Richard Lord, President and Chief Executive Officer of Richelieu. Profile ------- Richelieu Hardware Ltd. is Canada's leading distributor, importer and manufacturer of specialty hardware and complementary products. The Company also ranks among the top players in its specialty in North America. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of more than 43,000 different items targeted to a base of over 36,000 customers who are served by 40 centres in North America - 29 distribution centres accross Canada, 9 in the United States plus 2 manufacturing plants in Canada. The Company also specializes in the manufacture of a wide variety of veneer sheets and edgebanding products through its subsidiary Cedan Industries Inc., of components for the window and door industry and of mouldings through Menuiserie des Pins LtDee, and of various types of panels, tackboards and whiteboards. This press release contains forward-looking statements based on the Company's current outlook. This information involves certain risks, uncertainties and assumptions. Actual results and events could differ materially from those indicated or underlying these statements.
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