GLENVIEW, Ill., Aug. 27 IL-Anixter-acquires
GLENVIEW, Ill., Aug. 27 /PRNewswire-FirstCall/ -- Anixter International
Inc. (NYSE: AXE), a leading global distributor of communication products,
electrical and electronic wire & cable, fasteners and other small parts today
announced that it had acquired all of the outstanding shares of Sofrasar SA
("Sofrasar") and partnership interests and shares in Camille Gergen GmbH & Co,
KG and Camille Gergen Verwaltungs GmbH (collectively "Gergen") from the Gergen
family and management of the entities.
Sofrasar is headquartered in Sarreguemines, France and Gergen is based in
Dillingen, Germany. Both companies are fastener distributors that will
complement Anixter's product offering along with offering a broad array of
value-added services and supply chain management programs to Original
Equipment Manufacturers ("OEMs") in a number of vertical markets.
Anixter is paying approximately $40 million in cash and assuming
approximately $19 million in debt for all of the outstanding shares and
partnership interests of these two companies. The combined annualized sales
for these businesses are expected to be in excess of $110 million in 2008.
Commenting on the acquisition, Bob Eck, President and CEO of Anixter,
said, "Consistent with the strategy we have articulated, the acquisitions of
Sofrasar and Gergen represent important steps in the geographic expansion of
our OEM Supply business in Europe. Through the addition of numerous important
customers, primarily in France and Germany, we have added another key building
block that will drive future organic growth in this important global end
market."
"In addition to being immediately accretive to earnings, we anticipate
that these acquisitions will add 10 to 12 cents to diluted earnings per share
during our first full year of ownership," said Eck. "When combined with our
existing OEM Supply businesses in Europe, we anticipate annual revenues of
approximately $800 million in this market over the next year. The addition of
these businesses will significantly enhance our OEM Supply business in Europe
and add considerable depth to our footprint in the area as we will now be
serving customers in 11 countries throughout the continent."
About Anixter
Anixter International is a leading global distributor of communication
products, electrical and electronic wire & cable, fasteners and other small
parts. The company adds value to the distribution process by providing its
customers access to 1) innovative inventory management programs, 2) more than
400,000 products and over $1 billion in inventory, 3) 214 warehouses with more
than 6 million square feet of space, and 4) locations in 248 cities in 50
countries. Founded in 1957 and headquartered near Chicago, Anixter trades on
The New York Stock Exchange under the symbol AXE.
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 forwardlooking
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
http://www.anixter.com.
SOURCE Anixter International Inc.
