MONTREAL, March 7 /CNW Telbec/ - Richelieu Hardware Ltd. announces that
it has closed the acquisition of the operating assets of Village Square
Cabinet Supply. Based in Nashville, Tennessee, this distributor of decorative
and functional hardware, kitchen accessories and related products mainly
serves a customer base of kitchen cabinet manufacturers. This acquisition adds
annual sales of about US$7 million to Richelieu's revenues and immediately
contributes to its earnings.
"We are pleased to close this acquisition, which is most compatible with
our business and fully consistent with our criteria. Integrating these new
operations will bring our American network to 15 distribution centres and will
enable us to penetrate a new market close to regions in which we are already
present, which will favour selling synergies with our existing operations in
the United States," indicated Richard Lord, President and Chief Executive
Officer of Richelieu.
Profile as at March 7, 2007
Richelieu Hardware Ltd. is Canada's leading distributor, importer and
manufacturer of specialty hardware and complementary products. The Company
also ranks among the top players in its specialty in North America. 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 close to 50,000 different items targeted to
a base of over 37,000 customers who are served by 46 centres in North America
- 29 distribution centres across Canada, 15 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, a broad selection of mouldings,
and various types of tackboards and whiteboards.
This press release contains forward-looking statements based on the
Company's current outlook. This information involves certain risks,
uncertainties and assumptions. Actual results and events could differ
materially from those indicated or underlying these statements.
For further information:
For further information: Alain Giasson, Vice-President, Finance and
Chief Financial Officer, (514) 336-4144, www.richelieu.com