MSC Industrial Direct Co. Inc. (MSM) said it has acquired American Tool Supply Inc. and its affiliate, American Specialty Grinding Co. Inc. Terms of the transactions were not disclosed.
American Tool Supply provides customers with a full line of metalworking supplies and an experienced metalworking sales team. American Specialty Grinding Co. specializes in custom made tools and re-sharpening services. The two companies together generate about $50 million in annual sales.
MSC said it will use some of its available cash for these transactions and expects the acquisitions in total will become about $0.02 to $0.03 accretive to earnings in fiscal 2012, and more accretive in succeeding years.
The company also expects earnings dilution of about $0.01 per share in the fourth quarter of fiscal 2011, primarily due to the expenses related to the transactions.
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