Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

MSC Industrial Direct Closes Acquisition Of Barnes Distribution North America

RELATED NEWS
Trade MSM now with 
4/22/2013 9:26 AM ET

MSC Industrial Direct Co., Inc. (MSM: Quote) announced that it has completed the acquisition of the North American distribution business of Barnes Group Inc. (B: Quote) for $550 million.

MSC said it financed the purchase of the North American distribution business utilizing both existing cash and a new credit facility, which was closed simultaneously with the acquisition.

The new credit facility included a fully drawn $250 million term loan and a $400 million revolver, of which $120 million was drawn at closing to fund the acquisition. Run-rate cost synergies are expected to reach $15 million -$20 million by fiscal 2015.

The acquisition is expected to be accretive to cash flow and earnings per diluted share, including synergies and excluding transaction and integration costs, by contributing an expected incremental earnings per share of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively.

In February, Barnes Group said it agreed to sell its Barnes Distribution North America business or BDNA to MSC Industrial Direct Co for $550 million.

Click here to receive FREE breaking news email alerts for MSC Industrial Direct and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Justin Moore has been named Humanitarian of the Year by by the Armed Forces Foundation. Moore received the award alongside Big Machine Label Group President/CEO Scott Borchetta for their service and commitment to the morale and welfare of military families through the Crown Royal "Your Hero's Name Here" contest. International Business Machines Corp. said Wednesday after the markets closed that its first quarter profit fell 21% from last year, hurt by lower revenue as well as a hefty workforce rebalancing charge. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Stocks moved sharply higher over the course of the trading day on Wednesday, further offsetting the steep losses posted late last week. The markets benefited from a positive reaction to the latest earnings news as well as remarks by Federal Reserve Chairman Janet Yellen. The major averages saw further upside going into the close, ending the session at their best levels of the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.