Wesco International Buys Livonia's RS Electronics
LIVONIA -- Pittsburgh, Pa.-based Wesco International Inc. (NYSE: WCC), a provider of electrical, industrial, and communications products, construction materials, and supply chain management and logistics services, announced today that a subsidiary has entered into an agreement to acquire Livonia-based RS Electronics.
The purchase price wasn't immediately disclosed. Wesco officials didn't return a phone call seeking information on the fate of RS Electronics' Livonia headquarters or its employees.
RS Electronics is a distributor of electronic and electrical products serving primarily the industrial, medical equipment, automotive and contract manufacturing end markets. RS Electronics has eight branches located in the Midwest and Southeast with forecasted 2011 sales of approximately $60 million.
Wesco chairman and CEO John J. Engel said the acquisition is expected to be accretive to earnings by at least 4 cents a share in the first year of operation.
Said RS Electronics president Howard Taxe: "Wesco is an outstanding organization and we are very pleased to be joining their team. Our combination with Wesco provides growth opportunities for our employees and additional resources and programs for our customers."
Wesco's 2010 annual sales were approximately $5.1 billion. The company employs approximately 7,000 people, maintains relationships with over 17,000 suppliers, and serves over 100,000 customers worldwide. Customers include industrial and commercial businesses, contractors, governmental agencies, institutions, telecommunications providers and utilities.
Wesco operates seven fully automated distribution centers and approximately 400 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.
More at www.wesco.com.
