CHICAGO, April 27 /PRNewswire-FirstCall/ -- At the 38th Annual Meeting of
W.W. Grainger, Inc., the company's shareholders elected ten directors to the
board. Standing for election for the first time were Gary L. Rogers, Former
Vice Chairman, General Electric Company, and William K. Hall, Co-founder and
Chairman, Procyon Technologies, Inc.
The directors for 2005-2006 are:
Brian P. Anderson William K. Hall Neil S. Novich
Retired Chief Financial Co-founder and Chairman Chairman, President
Officer Procyon Technologies, and Chief Executive
OfficeMax International Inc. Officer
and Baxter International Ryerson Tull, Inc.
Inc.
Wilbur H. Gantz Richard L. Keyser Gary L. Rogers
Chairman and Chairman of the Board Former Vice
Chief Executive Officer and Chief Executive Chairman
Ovation Pharmaceuticals, Officer General Electric
Inc. W.W. Grainger, Inc. Company
David W. Grainger John W. McCarter, Jr. James D. Slavik
Senior Chairman of the President and Chief Chairman
Board Executive Officer Mark IV Capital,
W.W. Grainger, Inc. The Field Museum Inc.
of Natural History
Harold B. Smith
Chairman of the
Executive Committee
Illinois Tool Works
Inc.
Shareholders also ratified the appointment of Ernst & Young as independent
auditors for the year ending December 31, 2005, and approved the 2005
Incentive Plan.
Richard L. Keyser, Grainger's Chairman and Chief Executive Officer,
provided an update at the meeting on the company's strategy and performance,
including progress on the market expansion program.
In his address, Mr. Keyser reiterated the company's projected earnings per
share guidance of $3.20 to $3.45 for 2005. Mr. Keyser also indicated that
daily sales growth month-to-date for April was approximately 12% above April
2004. His comments are available in streaming audio or MP3 format, along with
the text and slides from his presentation, in the Investor Relations section
of the company's Web site, http://www.grainger.com/investor .
W.W. Grainger, Inc. (NYSE: GWW), with 2004 sales of $5 billion, is the
leading broad line supplier of facilities maintenance products serving
businesses and institutions throughout North America. Through its network of
nearly 600 branches, 17 distribution centers and multiple Web sites, Grainger
helps customers save time and money by providing them with the right products
to keep their facilities running.
Forward-Looking Statements
This document contains forward-looking statements under the federal
securities laws. 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 as "remains on track," "expect," "estimated," "expectations,"
"projected," "earnings per share guidance" 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 of
various factors that may affect it.
SOURCE W.W. Grainger, Inc.
-0- 04/27/2005
/CONTACT: William D. Chapman, Director, Investor Relations,
+1-847-535-0881, william.chapman@grainger.com , or Robb M. Kristopher,
Manager, External Communications, +1-847-535-0879,
robb.kristopher@grainger.com , both of W.W. Grainger/
/Web site: http://www.grainger.com /
(GWW)
CO: W.W. Grainger, Inc.
ST: Illinois
IN: CST
SU: PER
CM-AM
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7662 04/27/2005 11:39 EDT http://www.prnewswire.com