PITTSBURGH, March 1, 2016 /satPRnews.com/ -- WESCO International, Inc. (NYSE: WCC), a leading Provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced today that WESCO Distribution, Inc. has entered into a definitive agreement to acquire Atlanta Electrical Distributors (AED). Closing is expected to occur in March 2016.
Headquartered in Atlanta, Ga., AED generates approximately $85 million in annual revenues from five locations in Georgia. AED is an electrical distributor focused on the construction and MRO markets.
Mr. John J. Engel, WESCO's Chairman, President, and Chief Executive Officer, said: "The addition of AED to our portfolio supports our One WESCO growth strategy and expands our presence in this growing Southeastern end market. This acquisition is expected to be accretive to earnings by approximately $0.03 per diluted share in the first year of operation."
Mr. Kevin Kester, AED's President, commented, "We are pleased to become part of the WESCO team.We look forward to bringing a more comprehensive offering of electrical solutions to the industrial, commercial and contractor customers in the Atlanta Metro area."
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) product, construction materials, and advanced supply chain management and logistic services. 2015 annual sales were approximately $7.5 billion. The Company employs approximately 9,300 people, maintains relationships with over 25,000 suppliers, and serves over 80,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers and utilities. WESCO operates nine fully automated distribution centers and approximately 500 full-service branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as the Company's other reports filed with the Securities and Exchange Commission.
Source: PrNewsWire All
Link: WESCO International, Inc. Announces the Acquisition of Atlanta Electrical Distributors