PITTSBURGH, Feb. 23,
2024 /PRNewswire/
-- Wesco International (NYSE:WCC) announced
today that it has entered into a definitive agreement to sell its
Wesco Integrated Supply (WIS) business to Vallen Distribution,
Inc., a portfolio company of Nautic Partners, LLC, for a purchase
price of $350 million. The Company
expects to use the proceeds to reduce debt and repurchase shares.
The sale will include predominately all of Wesco's industrial
maintenance, repair and operations (MRO) integrated supply business
in North America and Europe. The business that is being divested
had annual net sales of approximately $784
million in 2023.
"This divestiture supports our portfolio management strategy to
prioritize investments and resources in the areas of our business
that offer the strongest growth and profit potential. Our WIS team
has consistently provided exceptional value to our customers over
the years. I am very proud of their accomplishments and thank them
for their outstanding customer service," said John Engel, Chairman, President, and CEO of
Wesco.
The sale is anticipated to close in the second quarter following
customary regulatory approval.
About Wesco
Wesco International (NYSE:
WCC) builds, connects, powers and protects the world. Headquartered
in Pittsburgh, Pennsylvania, Wesco
is a FORTUNE 500® company with more than $22
billion in annual sales and a leading provider of
business-to-business distribution, logistics services and supply
chain solutions. Wesco offers a best-in-class product and services
portfolio of Electrical and Electronic Solutions, Communications
and Security Solutions, and Utility and Broadband Solutions. The
Company employs approximately 20,000 people, partners with the
industry's premier suppliers, and serves thousands of customers
around the world. With millions of products, end-to-end supply
chain services, and leading digital capabilities, Wesco provides
innovative solutions to meet customer needs across commercial and
industrial businesses, contractors, government agencies,
educational institutions, telecommunications providers, and
utilities. Wesco operates nearly 800 branches, warehouses and sales
offices in more than 50 countries, providing a local presence for
customers and a global network to serve multi-location businesses
and global corporations.
Contact:
Jennifer Sniderman
+1 717-579-6603
jennifer.sniderman@wescodist.com
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SOURCE Wesco International
