Sixth acquisition since the beginning of 2010
and signs three new acquisition agreements
MONTREAL, Nov. 30 /CNW Telbec/ - Richelieu Hardware Ltd. announces it
has closed its sixth acquisition since the beginning of 2010,
specifically the acquisition of the net assets of PJ White Hardwoods
Ltd. ("PJ White"), headquartered and operating a distribution centre
located in Vancouver (B.C.). This company also operates three other
distribution centres in Victoria (B.C.), Edmonton and Calgary
(Alberta). PJ White distributes a diversified range of materials,
decorative products as well as hardware products targeted to
manufacturers and residential and commercial woodworkers. For
Richelieu, this transaction represents additional sales of more than
$30 million on an annualized basis.
PJ White's operations are fully compatible with those of Richelieu.
Through this acquisition, the Company strengthens its presence in
Western Canada by integrating four new distribution centres into its
network, benefiting from the new team's expertise and adding new
products and a new customer base.
Richelieu also announces it has signed new agreements for three upcoming
acquisitions. With the six acquisitions closed since the beginning of
2010 and the transactions underway, the Company is expected to increase
its sales by some $90 million on an annualized basis.
Profile as at November 30, 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 70,000 different items targeted to a base of some 50,000
customers who are served by 58 centres in North America -
34 distribution centres across Canada, 22 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.
Certain statements contained in this press release may constitute
forward-looking statements within the meaning of securities
legislation. Richelieu's management would like to point out that, by
their very nature, forward-looking statements involve a number of risks
and uncertainties such that the Company's actual and future results
could differ materially from those indicated. There can be no assurance
as to the materialization of the results, performance or achievements
as expressed in or underlying the forward-looking statements. Unless
required to do so pursuant to applicable securities legislation,
Richelieu's management assumes no obligation as to the updating or
revision of the forward-looking statements as a result of new
information, future events or changes.
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