CHICAGO, July 10 /PRNewswire-FirstCall/ -- Grainger (NYSE: GWW), North
America's leading industrial distributor, today announced that its direct
marketing subsidiary, Lab Safety Supply, Inc., (LSS) has acquired
substantially all of the assets of Highsmith, Inc. located in Fort Atkinson,
Wisconsin. Highsmith is a direct marketing leader in the library equipment,
furniture and supplies market. Terms of the agreement were not disclosed.
"We are pleased to be adding Highsmith to our specialty catalog group,"
said Larry Loizzo, President of Lab Safety Supply. "They have built a solid
brand position in the library and school supplies market over the past 50
years; we intend to build upon it."
The integration of Highsmith into LSS's operations should be completed
over the next 6 months. The acquisition is expected to add $20-30 million to
LSS's sales in 2008. The transaction is expected to breakeven in the first 12
months; due to the timing and anticipated transition costs, the 2008 impact is
expected to be dilutive by $.02 to $.03 per share.
About Lab Safety Supply, Inc. (LSS)
LSS provides safety and other products to more than 800,000 customers in
North America. It reaches them through a variety of branded catalogs, flyers
and Web sites targeted to specific niche markets. Customers represent all
sizes and a range of sectors, including manufacturing, government and
agriculture.
W.W. Grainger, Inc. (NYSE: GWW), with 2007 sales of $6.4 billion, is the
leading broad line supplier of facilities maintenance products serving
businesses and institutions in the United States, Canada, Mexico and China.
Through a highly integrated network including more than 600 branches, 18
distribution centers and multiple Web sites, Grainger's employees help
customers get the job done.
Forward-Looking Statements
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 are not historical facts. They are generally identified by
qualifiers such as "anticipated", "expected," "intend", "should" 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.
CONTACT:
Media
Ernest Duplessis
Vice President, Internal & External
Relations Communications
+1-847-535-4356
Robb Kristopher
Director,
Corporate Media Relations
+1-847-535-0879
Investors
Laura Brown
Vice
President, Investor Relations
+1-847-535-0409
William Chapman
Director,
Investor Relations
+1-847-535-0881
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