Cable Technology Feature Article
October 06, 2008
Anixter Completes Acquisition of World Class
By Narayan Bhat, TMCnet Contributor
Electronic wire and cable vendor Anixter International says it has completed the acquisition of assets and operations of Wisconsin-based World Class Wire & Cable.
Glenview, Ill.-based Anixter said it paid roughly $62 million in cash and assumed trade liabilities for all of the assets and operations of World Class.
The company has a single operating site in Waukesha, WI, and has about $60 million in annual sales. Moreover its founder and president, James Lindenberg, received several business honors in recognition of growth and entrepreneurship.
One of his recent honors was being named winner in the Ernst & Young Entrepreneur Of The Year 2007 Award in the Lake Michigan Area program.
In its last press release, Anixter said the acquisition would be immediately accretive to earnings and add 6 to 8 cents to diluted earnings per share during the first full year of ownership.
Anixter International has locations in 248 cities in 50 countries, and this acquisition will complement Anixter's presence in the Midwest.
Founder about 50 years ago, Anixter International is a distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts.
"World Class has an excellent team that has won many awards for its entrepreneurial drive and track record of growth. We believe the World Class team will be an excellent fit with our existing presence in the wire and cable market in the Midwest. This acquisition positions us well to drive even stronger future organic growth," said Bob Eck, president and CEO of Anixter, in his earlier statement.
Narayan Bhat is a contributing editor for TMCnet. To read more of Narayan's articles, please visit his columnist page.
Edited by Tim Gray