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WESCOWest Coast Shoe Company (manufacturer of motorcycle boots)
WESCOWestinghouse Electric Supply Company
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"We are pleased to join the WESCO team and look forward to working together to pursue new business opportunities and enhance the breadth of services and products for our customers," Needham CEO Joseph Cincotta said.
Wesco Distribution will execute the transaction through its wholly-owned Canadian subsidiary.
This is Wesco's second takeover this current year and pursues a string of add-ons aimed on consolidating what the firm mentions as a "highly fragmented" field of electrical providers.
Under the terms of the agreement announced on 17 October 2012, WESCO has assumed ownership of EECOL and various affiliates at a price of about CAD1.14bn (USD1.16bn/EUR878m).
The buyer, via its units WESCO Distribution Inc and WDCC Enterprises Inc, entered into a new term loan facility in the principal amount of USD700m (EUR536.1m) and CAD150m, amended the existing revolving credit facility, increasing it to USD600m from USD400m, as well as amended the existing accounts receivable facility, raising the principal amount to USD475m from USD450m.
Based in Valencia, California, Wesco Aircraft is one of the world's largest distributors and providers of comprehensive supply chain management services to the global aerospace industry, offering the world s broadest inventory of aerospace parts, comprised of approximately 575,000 active stock-keeping units, including hardware, chemicals, electronic components, bearings, tools and machined parts.
The purchase is seen to widen WESCOa[euro](tm)s Canadian market presence as well as its international reach, particularly in South America.Country: CanadaSector: Wholesale/Retail, ElectronicsTarget: EECOL Electric Corporation Buyer: WESCO Distribution Inc, WESCO International Inc Deal size in USD: 1.2bnType: Corporate acquisitionFinancing: Existing resources, DebtStatus: Agreed
WESCO will pay about CAD1.14bn (USD1.17bn/EUR905m), assuming ownership of EECOL and various affiliates of the Canadian company.
Once the deal is closed, Wesco will be combined with the Platinum Equity portfolio company Pattonair.
German lighting manufacturer Osram Licht AG (OTC: OSAGY) has closed the sale of its North American services business, Sylvania Lighting Solutions, to a subsidiary of US-based Wesco International, Inc.
Charles Trumann Wesco, a missionary from Indiana, had permanently moved with his wife Stephanie Wesco, and their eight children to Bamenda, Cameroon, a couple of weeks ago, after having carried out an array of missions in the African nation over the years.
WINCOVE PRIVATE HOLDINGS has announced the recapitalization of Nordock, which will join Bluff Manufacturing and Wesco Industrial Products to form a platform with a broad range of materials handling and warehouse safety products.