CHICAGO, February 26, 2001 -- Grainger (NYSE: GWW) announced today that Lab Safety Supply, Inc., its wholly owned subsidiary, has acquired the Ben Meadows Co., Inc., of Canton, Georgia. Ben Meadows, a privately held corporation with annual sales of more than $20 million, is a business-to-business
direct marketer specializing in equipment for the environmental and forestry management markets. Ben Meadows will become part of Lab Safety Supply, a leading business-to-business direct marketer of industrial and safety products in North America.
Terms of the agreement were not disclosed. Given the size of the acquisition, no accretion or dilution of Grainger earnings per share is expected.
"Acquiring Ben Meadows will provide Lab Safety Supply with a leading position in the environmental and forestry markets, and a new growth opportunity," said Larry J. Loizzo, President of Lab Safety Supply. "This is an attractive $500+ million industry. Ben Meadows has established itself as a premier provider to the environmental and forestry markets and has grown at a high single-digit compound annual growth rate over the last 5 years. We're looking to capitalize on Ben Meadows’ success and add to it with increased product access and service capabilities."
Loizzo added, "Ben Meadows' customer file is a strategic part of this transaction; we expect to leverage our product lines and customers through the integration of the two businesses."
Lab Safety Supply is located in Janesville, WI, and offers more than 70,000 products in seven product categories: safety, maintenance/MRO, material handling, labware, spill cleanup, first aid, and signs/labels.
W.W. Grainger, Inc. (NYSE: GWW), with 2000 sales of $5 billion, is the leading North American provider of maintenance, repair, and operating (MRO) supplies and related information to businesses and institutions. Grainger shares are traded on the New York and Chicago stock exchanges. For more information, visit Grainger online at www.grainger.com.
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