MONTREAL, July 19 /CNW Telbec/ - Richelieu Hardware Ltd. announces today that it has closed the acquisition of Gordon Industrial Materials, based in Montreal, Quebec.
The acquisition of the operating assets of Gordon Industrial Materials adds annual sales of $15 million to Richelieu's revenues and contributes to its earnings. With operations in Montreal (Quebec) and Mississauga (Ontario), Gordon is a leading distributor of products for the manufacturing of doors, decorative wall panels and other specialty products serving the hardware retailers, including renovation superstores and industrial markets.
This transaction is fully compatible with Richelieu's operations, acquisition criteria and growth objectives.
Profile as at July 19, 2010
Richelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of more than 65,000 different items targeted to a base of over 40,000 customers who are served by 53 centres in North America - 31 distribution centres across Canada, 20 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products, and Menuiserie des Pins Ltée which manufactures components for the window and door industry and a broad selection of decorative mouldings.
SOURCE Richelieu Hardware Ltd.
For further information: For further information: Richard Lord, President and Chief Executive Officer; Alain Giasson, Vice-President and Chief Financial Officer, Tel: (514) 336-4144; www.richelieu.com