MONTREAL, May 2, 2012 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) announces it has closed the acquisition of the net assets of CourterCo Inc. ("CourterCo"), a distributor of specialty and decorative hardware. From its 3 locations, Indianapolis (Indiana), Louisville (Kentucky) and Greensboro (North Carolina), CourterCo serves a base of some 6000 residential and commercial woodworking customers and kitchen, bathroom cabinet and furniture manufacturers.
In acquiring CourterCo, Richelieu penetrates the Indiana market and strengthens its position in Kentucky and North Carolina. The Company thereby broadens its American customer base, increases its sales by some $13 million on an annualized basis, and expands its U.S. network. Fully compatible with Richelieu's activities and consistent with its acquisition criteria, CourterCo is a solidly established distributor valued by its customers.
Profile as at May 2, 2012
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 90,000 different items targeted to a base of some 70,000 customers who are served by 63 centres in North America - 34 distribution centres in Canada, 27 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.
For further information:
President and Chief Executive Officer
Vice-President and Chief Financial Officer
Tel: (514) 336-4144 www.richelieu.com