Anixter International Inc. Announces the Acquisition of Eurofast
By , 2008-03-08 04:48:09
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Anixter International Inc. Announces the Acquisition of Eurofast
GLENVIEW, IL, May 21, 2007- Anixter International Inc. (NYSE: AXE), the world's leading distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers ("OEMs"), today announced that it had acquired all of the outstanding shares of Eurofast SAS ("Eurofast") from Lisi SA.
Collegien, France-based Eurofast is an aerospace fastener distributor that will complement Anixter's product offering with a broad array of valued-added services and inventory management programs to Original Equipment Manufacturers ("OEMs") in the aerospace and defense industries. For 2007, Eurofast is expected to generate sales of approximately $22 million. Anixter is paying approximately $27 million in cash, for all of the outstanding shares of Eurofast.
Commenting on the acquisition, Bob Grubbs, President and CEO of Anixter, said, "We are pleased to have acquired Eurofast and the excellent team of people involved at the company. This acquisition is another step in the geographic expansion of our OEM Supply business through the addition of important customers primarily within France in an end market where we have little penetration today within Europe. Given our stated goal of building on our current strategic platform to drive future organic sales growth, this acquisition is a nice addition to our existing business," said Grubbs.
About Anixter
Anixter International is the world's leading distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs, 2) more than 325,000 products and over $900 million in inventory, 3) 220 warehouses with more than 5.5 million square feet of space, and 4) locations in 247 cities in 49 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on The New York Stock Exchange under the symbol AXE.
About Lisi
Lisi is a worldwide leading fastener and assembly components manufacturer in the automotive, aerospace and cosmetics markets. Lisi is headquartered in France and listed on Euronext (CAC Mid 100; ISIN: FR 0000050353).
Safe Harbor Statement
The statements in this news release that use such words as "believe," "expect," "intend," "anticipate," "contemplate," "estimate," "plan," "project," "should," "may," or similar expressions are forward-looking statements. They are subject to a number of factors that could cause the company's actual results to differ materially from what is indicated here. These factors include general economic conditions, technology changes, changes in supplier or customer relationships, commodity price fluctuations, exchange rate fluctuations, new or changed competitors and risks associated with integration of recently acquired companies. Please see the company's Securities and Exchange Commission filings for more information.
Additional information about Anixter is available on the Internet at www.anixter.com
