MONTREAL, April 18, 2017 /CNW Telbec/ - Richelieu Hardware Limited (TSX: RCH) announces the closing of the acquisition of the principal net assets of Weston Premium Woods Inc. ("Weston"), an Ontario based distributor located in Brampton, on the outskirts of Toronto. A leader in its field, Weston distributes a diverse range of materials, decorative products and hardwoods targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, as well as residential and commercial woodworkers. This acquisition, the first in 2017 for Richelieu, represents additional sales of approximately $60 million on an annual basis.
Through the acquisition of this important distributor, whose activities are fully compatible with those of Richelieu, the Company further enhances its presence in this market with these types of products.
Profile as of April 18, 2017
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, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, and hardware retailers including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 110,000 different items targeted to a base of more than 80,000 customers who are served by 70 centres in North America – 37 distribution centres in Canada, 31 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacturing 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 set forth in this report constitute forward-looking statements which, by their very nature, remain subject to other risks and uncertainties as set forth in the Corporation's annual reports. Although management considers these assumptions and expectations reasonable based on the information available at the time they are provided, such assumptions and expectations could prove inaccurate and actual results could differ materially. Richelieu is under no obligation to update or revise any forward-looking statements made herein to account for future events or circumstances, except as required by applicable legislation.
SOURCE Richelieu Hardware Ltd.
For further information: Richard Lord, President and Chief Executive Officer, Antoine Auclair, Vice-President and Chief Financial Officer, Tel. : (514) 336-4144 www.richelieu.com