Cable Technology Feature Article
October 07, 2008
Anixter Completes Acquisition of World Class Wire & Cable
By Narayan Bhat, TMCnet Contributor
Electronic wire and cable vendor Anixter International has completed its assets and operations acquisition of Wisconsin-based World Class Wire & Cable.
Glenview, Illinois-based Anixter said it paid roughly $62 million in cash and assumed trade liabilities for all of the assets and operations of World Class.
World Class is a distributor of electrical wire and cable. It has a single operating site in Waukesha, Wisconsin, 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.
Anixter said the acquisition would be immediately accretive to earnings and is expected to add 6-8 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.
Founded 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,” said said Bob Eck, president and CEO of Anixter, in a statement. “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.”
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Narayan Bhat is a contributing editor for TMCnet. To read more of Narayan's articles, please visit his columnist page.
Edited by Mae Kowalke