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|Grainger Completes Acquisition of Fabory Group|
CHICAGO, Aug. 31, 2011 /PRNewswire via COMTEX/ --
Grainger (NYSE: GWW) today announced it has completed its acquisition of Fabory Group, a leading European distributor of fasteners and related MRO products. Grainger announced its intention to acquire Fabory on August 15, 2011 and anticipates that the transaction will be neutral to earnings per share in 2011 and 10 to 12 cents accretive in 2012.
"We are delighted to complete this acquisition so promptly and to officially welcome the Fabory team to Grainger," said Court Carruthers, President, Grainger International. "We look forward to working with Fabory leadership to accelerate their branch and product expansion plans while leveraging their expertise as a fastener specialist to benefit all of our businesses."
Fabory is headquartered in Tilburg, the Netherlands, and is a fastener market leader in the Netherlands and Belgium. With projected 2011 sales of ~$350 million (euro 250 million), Fabory offers its 120,000 customers access to more than 80,000 products in 14 countries. Fabory continues to expand its branch network and product line, with a particular focus on Central and Eastern Europe.
The acquisition of Fabory gives Grainger a presence in the world's largest MRO market with an established and highly regarded business. Grainger plans to continue its international expansion efforts, focusing on geographies that offer significant growth opportunities, including Latin America and Asia.
About W.W. Grainger, Inc.
W.W. Grainger, Inc., with 2010 sales of $7.2 billion, is North America's leading broad line supplier of maintenance, repair and operating products, with expanding operations in Europe, Asia and Latin America. For more information about the company, visit www.grainger.com/investor.
This document contains forward-looking statements under the federal securities law. The forward-looking statements relate to the company's expected future financial results and business plans, strategies and objectives and are not historical facts. They are generally identified by qualifiers such "expect," "plans," "will," or similar expressions. There are risks and uncertainties the outcome of which could cause the company's results to differ materially from what is projected. The forward-looking statements should be read in conjunction with the company's most recent annual report, as well as the company's Form 10-K and other reports filed with the Securities & Exchange Commission, containing a discussion of the company's business and various factors that may affect it.
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