ATLANTA, Aug. 24, 2015 /CNW/ -- The Home Depot®, the world's largest home improvement retailer, today announced it has completed its $1.625 billion acquisition of Interline Brands, Inc., a leading national distributor and direct marketer of broad-line maintenance, repair and operations (MRO) products. The agreement to acquire Interline was previously announced on July 22, 2015.
"We're delighted to officially welcome Interline's associates and customers into The Home Depot family," said Craig Menear, chairman, CEO and president of The Home Depot.
"By joining forces with Interline, we'll be able to better serve our Pro customers whether in-store, online or at their place of business. We look forward to the value this acquisition will bring to our customers and shareholders."
Interline brings an experienced outside and national account sales force, fulfillment capabilities across the facilities maintenance market, and an extensive local distribution network of more than 90 locations throughout the U.S., Canada and Puerto Rico.
"We're excited to work with The Home Depot's Pro team to provide MRO customers with a single solution for all of their needs," said Michael Grebe, CEO of Interline Brands. "In addition, our associates are thrilled to be joining a great company with a similar culture and values. We're looking forward to a great future."
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer, with 2,270 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2014, The Home Depot had sales of $83.2 billion and earnings of $6.3 billion. The Company employs more than 370,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
About Interline Brands
Interline Brands, Inc. is a leading distributor and direct marketer with headquarters in Jacksonville, Florida. As one of the largest national distributors of broad-line facilities maintenance, repair and operations products in North America, Interline serves more than 175,000 customer locations and holds leading market positions in the institutional, multi-family housing and residential end-markets.
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for The Home Depot's and Interline's products and services; net sales growth; comparable store sales; effects of competition; state of the economy; state of the residential construction, housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and in-stock positions; implementation of store, interconnected retail and supply chain initiatives; management of relationships with The Home Depot's and Interline's suppliers and vendors; the impact and expected outcome of investigations, inquiries, claims and litigation, including those related to The Home Depot's data breach announced in September 2014; issues related to the payment methods The Home Depot accepts and the timing of upgrades and enhancements impacting point of sale devices; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to The Home Depot; the effect of accounting charges; the effect of adopting certain accounting standards; store openings and closures; guidance for fiscal 2015 and beyond; financial outlook; and the integration of Interline into The Home Depot's organization and the ability to recognize the anticipated synergies and benefits of the acquisition.
Forward-looking statements are based on currently available information and The Home Depot's current assumptions, expectations and projections about future events. You should not rely on these forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond The Home Depot's control or are currently unknown to it – as well as potentially inaccurate assumptions that could cause actual results to differ materially from expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, "Risk Factors," and elsewhere in The Home Depot's Annual Report on Form 10-K for the fiscal year ended February 1, 2015 and in its subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made, and The Home Depot does not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures it makes on related subjects in its periodic filings with the Securities and Exchange Commission.
SOURCE The Home Depot
For further information: Financial Community - Diane Dayhoff, Vice President - Investor Relations, 770-384-2666, [email protected]; News Media - Paula Drake, Manager - Corporate Communications, 770-384-3439, [email protected], http://www.homedepot.com