CHICAGO, Nov. 15 /PRNewswire-FirstCall/ -- Grainger (NYSE: GWW), a leading
North American industrial distributor, today announced its Lab Safety Supply
(LSS) subsidiary has signed a definitive agreement to acquire in a single
transaction substantially all of the assets of Professional Inspection
Equipment, Inc. and Construction Book Express, Inc., both of Hauppauge, New
York. Professional Inspection Equipment and Construction Book Express are
business-to-business direct marketers of tools, instruments, and reference
materials to the $2.5 billion building and home inspection market. Grainger
expects the acquisition to close, subject to standard conditions, within the
next week and be accretive within a year. Terms of the agreement were not
disclosed.
"Our strategy is to accelerate LSS's growth by finding premier direct
marketing companies that complement the company's targeted catalog approach,"
said Grainger's Chairman and Chief Executive Officer Richard L. Keyser. "This
acquisition will enable LSS to further diversify its customer base into the
services sector."
Professional Inspection Equipment and Construction Book Express will be
marketed as independent brands by LSS, the leading direct marketer of
targeted, specialty businesses in the safety, industrial, environmental and
homeland security markets. Through a similar direct marketing model,
Professional Inspection Equipment and Construction Book Express serve over
85,000 active customers including inspectors, designers, architects, engineers
and electricians. The companies had annual sales in 2006 of more than
$20 million.
"We are pleased with the addition of the Professional Equipment and the
Construction Book Express brands to our business," said Larry J. Loizzo,
President of Lab Safety Supply. "They bring strong internet marketing
capabilities and a history of growth and profitability."
This transaction is similar to Lab Safety Supply's successful acquisitions
of Ben Meadows, Gempler's, AW Direct and Rand, which have provided new growth
and diversification to the Lab Safety Supply customer base.
W.W. Grainger, Inc. (NYSE: GWW), with 2005 sales of $5.5 billion, is a
leading broad line supplier of facilities maintenance products serving
businesses and institutions in Canada, China, Mexico and the United States.
Through a highly integrated network including nearly 600 branches, 17
distribution centers and multiple Web sites, Grainger's employees help
customers get the job done, saving them time and money by having the right
products to keep their facilities running. Grainger is the national founding
sponsor of the American Red Cross Ready When the Time Comes corporate
volunteer training program.
CONTACT:
William D. Chapman
Director, Investor Relations
+1-847-535-0881
william.chapman@grainger.com
Robb Kristopher
Manager,
External Communications
+1-847-535-0879
robb.kristopher@grainger.com