RCH/TSX MONTREAL, Oct. 17 /CNW Telbec/ - Richelieu Hardware Ltd. announces the closing of the acquisition of Specialty Supplies Inc., for which the agreement in principle was announced on October 4, 2006. Specialty Supplies Inc. is a distributor of decorative and functional hardware, kitchen accessories and related products, which serves an extensive base of kitchen and bathroom manufacturers. Solidly established in Pompano Beach, Florida for 20 years, this company operates four distribution centres on the Florida East Coast and achieves annual revenues of close to US$25 million. "We are very pleased to close this acquisition, which is wholly compatible with our business in terms of product mix and choice of suppliers, as well as fully consistent with our earnings and growth criteria. We will integrate these new operations, which will bring our network to 13 distribution centres in the United States. Specialty Supplies' operating income is proportionally similar to that generated by Richelieu and offers excellent growth potential, especially since we will build attractive selling synergies with our current U.S. operations. We are delighted to welcome this new team of about 60 employees, including principal officers who were also shareholders of Specialty Supplies," indicated Richard Lord. Profile as at October 17, 2006 ------------------------------ 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 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 44 centres in North America - 29 distribution centres across Canada and 13 in the United States plus two manufacturing plants, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products, and Menuiserie des Pins LtDee which manufactures components for the window and door industry and a broad selection of decorative mouldings. 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.
Richelieu Hardware Ltd news
Investor announcements, newest first.