CHICAGO, June 4, 2009 /PRNewswire-FirstCall via COMTEX/ -- Grainger (NYSE: GWW), North America's leading broad line distributor of facilities maintenance products, today announced it has signed a definitive agreement to acquire full ownership of its joint venture in India, Asia Pacific Brands India Private Limited, one of India's leading industrial and electrical wholesale distributors.
"We are excited about growing our business in India," said Grainger's Chairman and Chief Executive Officer Jim Ryan. "As that economy gets more competitive, Indian companies want efficient and reliable ways to get the quality products they need to keep their facilities running and their employees safe. With annual revenues of approximately $30 million, Asia Pacific will provide us a starting position in a large, high potential MRO market."
Grainger will contribute an estimated $1.2 million to gain full ownership. Late last year, the company wrote down its investment due to the bankruptcy filing of Asia Pacific's largest supplier.
"Over the past six months, we have helped streamline Asia Pacific's operations, strengthen its management and enhance its supplier base. We will continue to make prudent investments in the business to deepen our presence in India's growing economy," said Bonnie McIntyre, Vice President for Grainger's International Market Development.
With more than 20 locations and more than 4,000 dealer relationships across India, Asia Pacific Brands plans to go to market under the Grainger brand.
About Grainger
W.W. Grainger, Inc. (NYSE: GWW), with 2008 sales of $6.9 billion, is a leading broad line supplier of facilities maintenance products serving businesses and institutions in the United States, Canada, Mexico, China and Panama. 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.
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