PITTSBURGH, Dec. 17 /PRNewswire-FirstCall/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical MRO products, construction materials and advanced integrated supply procurement outsourcing services, today announced that it has entered into a strategic arrangement with Deutsch Engineered Connecting Devices, Inc. with respect to WESCO's LADD operations. LADD, a part of Carlton Bates, which was acquired by WESCO in September 2005, is engaged in the distribution of specialized severe duty industrial connectors. LADD has been a master distributor of Deutsch connectors in the United States for over 20 years and has annual sales of approximately $100 million. WESCO and Deutsch will work together to further penetrate existing customers in the specialized heavy-duty connector market, and to accelerate growth in new market segments and new products.
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Under the terms of the agreement, WESCO and Deutsch will enter into a joint venture whereby Deutsch will initially own 60% of LADD for consideration of approximately $75 million. Deutsch is entitled, but not obliged, to acquire the remaining 40% after January 1, 2010.
Proceeds of the transaction will be utilized to purchase shares of the Company's common stock under the previously announced share repurchase program.
WESCO International, Inc. (NYSE: WCC) is a publicly traded Fortune 500 holding company, headquartered in Pittsburgh, Pennsylvania, whose primary operating entity is WESCO Distribution, Inc. WESCO Distribution is a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating (MRO) supplies, and is the nation's largest provider of integrated supply services. 2006 annual sales were approximately $5.3 billion. The Company employs approximately 7,000 people, maintains relationships with over 29,000 suppliers, and serves more than 110,000 customers worldwide. Major markets include commercial and industrial firms, contractors, government agencies, educational institutions, telecommunications businesses and utilities. WESCO operates seven fully automated distribution centers and approximately 400 full-service branches in North America and selected international markets, providing a local presence for area customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.
CONTACT: Stephen A. Van Oss, Senior Vice President and Chief Financial
and Administrative Officer of WESCO International, Inc., +1-412-454-2271, Fax,
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Web site: http://www.wesco.com
CO: WESCO International, Inc.; Deutsch Engineered Connecting Devices, Inc.;