MEDIA RELEASE PR34933
Grainger Announces Acquisition of Asia Pacific Brands
CHICAGO, June 5 /PRNewswire-AsiaNet/ --
Grainger (NYSE: GWW), North America's leading broad line distributor of
facilities maintenance products, today announced it has signed a definitive
agreement to acquire full ownership of its joint venture in India, Asia
Pacific Brands India Private Limited, one of India's leading industrial and
electrical wholesale distributors.
"We are excited about growing our business in India," said Grainger's
Chairman and Chief Executive Officer Jim Ryan. "As that economy gets more
competitive, Indian companies want efficient and reliable ways to get the
quality products they need to keep their facilities running and their
employees safe. With annual revenues of approximately $30 million, Asia
Pacific will provide us a starting position in a large, high potential MRO
market."
Grainger will contribute an estimated $1.2 million to gain full
ownership. Late last year, the company wrote down its investment due to the
bankruptcy filing of Asia Pacific's largest supplier.
"Over the past six months, we have helped streamline Asia Pacific's
operations, strengthen its management and enhance its supplier base. We will
continue to make prudent investments in the business to deepen our presence
in India's growing economy," said Bonnie McIntyre, Vice President for
Grainger's International Market Development.
With more than 20 locations and more than 4,000 dealer relationships
across India, Asia Pacific Brands plans to go to market under the Grainger
brand.
About Grainger
W.W. Grainger, Inc. (NYSE: GWW), with 2008 sales of $6.9 billion, is a
leading broad line supplier of facilities maintenance products serving
businesses and institutions in the United States, Canada, Mexico, China and
Panama. Through a highly integrated network including more than 600 branches,
18 distribution centers and multiple Web sites, Grainger's employees help
customers get the job done.
SOURCE: W.W. Grainger, Inc.
CONTACT: Media, Jan Tratnik, Director, Corporate Communications and
Public Affairs, +1-847-535-4339, or Erin Ptacek, Director, Corporate Brand &
Reputation, +1-847-535-1543, or Investors, Laura Brown, Vice President,
Investor Relations, +1-847-535-0409, or William Chapman, Director, Investor
Relations, +1-847-535-0881, all of W.W. Grainger, Inc.
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