WESCO Distribution, Inc. has entered into an agreement to acquire Conney Safety Products, LLC—an MRO safety products distributor. Closing is slated for July. Madison, Wis.-based Conney Safety Products had reported revenues of roughly $85 million.
John Engel, WESCO’s chairman and CEO said, “The addition of Conney to the WESCO team supports our One WESCO growth strategy and expands our MRO supplier base, enabling us to bring additional safety products and services to our customers. This acquisition is expected to be accretive to earnings by at least $0.10 per diluted share in the first year of operation.”
Conney CEO Michael Wessner said that his company is happy to be joining WESCO. “Our companies have a similar culture and operating philosophy that will enable us to continue to provide a superior level of service to our customers, while pursuing new opportunities in an industry with significant growth potential,” Wessner stated.
Pittsburgh-based WESCO International, Inc. is a publicly traded Fortune 500 holding company with 2011 annual sales at roughly $6.1 billion. WESCO has an estimated 7,300 people and serves more than 65,000 customers worldwide through has eight fully automated distribution centers and 400 full-service branches in North America and in international markets.Tagged with tED