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8-K - MSC INDUSTRIAL DIRECT CO INC | v205211_8k.htm |
Exhibit 99.1
Contact:
Shelley Boxer
V.P. Finance
MSC Industrial Direct Co.,
Inc.
(516) 812-1216
Investors/Media:
Eric Boyriven/Jeannine Dowling
FD
(212) 850-5600
For
Immediate Release
MSC INDUSTRIAL DIRECT CO., INC.
ANNOUNCES COMPLETION OF
ACQUISITION OF RUTLAND TOOL
& SUPPLY CO.
Melville, NY, December 13, 2010 - MSC
INDUSTRIAL DIRECT CO., INC. (NYSE: MSM), “MSC” or the “Company,” one of
the largest direct marketers and premier distributors of Metalworking and
Maintenance, Repair and Operations (“MRO”) supplies to industrial customers
throughout the United States, announced today that it has completed its
previously-announced acquisition of Rutland Tool & Supply Co. (“Rutland”), a
subsidiary of Lawson Products, Inc. (Nasdaq: LAWS) for approximately $11 million
in cash plus the assumption of certain liabilities. The Company
continues to expect the acquisition to become accretive to earnings in
late-fiscal 2011 or early-fiscal 2012.
Based in
Whittier, CA, Rutland was founded in 1955 and markets and distributes a broad
range of industrial tools, cutting tools, abrasives, machinery, precision
instrument supplies, safety products and other MRO related supplies to over
20,000 customers. Customers have access to over 100,000 items through
multiple channels including web, showrooms, catalogs and sales flyers. Rutland’s
customer base includes industrial machine and metalworking shops, as well as
maintenance and repair facilities. In 2009, Rutland generated revenue
of $33.7 million.
About
MSC Industrial Direct Co., Inc.
MSC Industrial Direct Co., Inc. is one
of the largest direct marketers and premier distributors of Metalworking and
Maintenance, Repair and Operations (“MRO”) supplies to industrial customers
throughout the United States. MSC employs one of the industry’s largest
sales forces and distributes approximately 600,000
industrial products from approximately 3,000 suppliers to approximately
320,000 customers. In-stock
availability is approximately 99%, with next day standard delivery to the
contiguous United States on qualifying orders up until 8:00 p.m. Eastern
Time. MSC reaches its customers through a combination of
approximately 22 million direct-mail catalogs, 96 branch sales offices,
973 sales people, the Internet and
associations with some of the world's most prominent B2B eCommerce portals. For
more information, visit the Company's website at http://www.mscdirect.com.
MSC
INDUSTRIAL DIRECT CO., INC. ANNOUNCES COMPLETION OF
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ACQUISITION
OF RUTLAND TOOL & SUPPLY CO.
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CAUTIONARY STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. Statements in this Press Release may
constitute “forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Any statements contained herein which are not
statements of historical facts and that address activities, events or
developments that the Company expects, believes or anticipates will or may occur
in the future, including statements about the expected benefits of the
acquisition shall be deemed
to be forward-looking statements. Forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be predicted with
accuracy and some of which might not even be anticipated. Future events, actual
results and performance, financial and otherwise, could differ materially from
those set forth in or contemplated by the forward-looking statements herein.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The inclusion of any
statement in this release does not constitute an admission by MSC or any other
person that the events or circumstances described in such statement are
material. Factors that could cause actual results to differ materially from
those in forward-looking statements include, without limitation, problems with successfully integrating
acquired operations, current economic, political and social
conditions, changing customer and product mixes, financial restrictions on
outstanding borrowings, industry consolidation, competition, general economic
conditions in the markets in which the Company operates, volatility in commodity
and energy prices, credit risk of our customers, risk of cancellation or
rescheduling of orders, work stoppages or other business interruptions
(including those due to extreme weather conditions) at transportation centers or
shipping ports, the risk of war, terrorism and similar hostilities, dependence
on the Company’s information systems and on key personnel, and the outcome of
potential government or regulatory proceedings or future litigation relating to
pending or future claims, inquiries or audits. Additional information
concerning these and other risks is described under “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in the Company's reports on Forms 10-K, 10-Q and 8-K that the
Company files with the U.S. Securities and Exchange Commission. The
forward-looking statements in this press release are based on current
expectations and the Company assumes no obligation to update these
forward-looking statements.
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