MONTREAL, Dec. 3 /CNW Telbec/ - Richelieu Hardware Ltd. announces it has closed two new acquisitions in North America and signed an agreement to complete another acquisition that should close in January 2010.
The two recently closed acquisitions add annual sales of approximately $6 million to Richelieu's revenues and contribute immediately to its earnings.
Consistent with its strategy of offering a full range of finishing products to manufacturers in the woodworking segment and its "one stop-shop" approach, Richelieu has acquired Paint Direct (Calgary, Alberta), a distributor of finishing products, stains, lacquers and various other products. This acquisition brings Richelieu's Canadian network to 30 distribution centres.
In the United States, Richelieu has acquired Woodland Specialties (Syracuse, New York), a distributor of hardware products, high-pressure laminates, finishing products and other complementary products targeted mainly to kitchen cabinet makers and the commercial woodworking segment. With the acquisition of Woodland, Richelieu penetrates a new geographic market and increases its U.S. distribution network to 18 centres.
Profile as at December 1, 2009
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 60,000 different items targeted to a base of over 40,000 customers who are served by 50 centres in North America - 30 distribution centres across Canada, 18 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, (514) 336-4144; www.richelieu.com