Anixter International Inc. had entered into a letter of intent to acquire the assets and operations of World Class Wire & Cable Inc. Anixter expects to complete the acquisition on or about October 1, 2008 following the finalization of certain contract terms and conditions as well as regulatory approval. Anixter anticipates paying approximately $62 million in cash and will also assume trade liabilities for all of the assets and operations of World Class.
Based near Milwaukee, Wisconsin, World Class is a valued-added distributor of electrical wire and cable. From its single operating site in Waukesha, Wisconsin, World Class generates approximately $60 million per year in annualized sales.
President/CEO said , “Once completed, we anticipate that this acquisition will be immediately accretive to earnings and add 6 to 8 cents to diluted earnings per share during our first full year of ownership.”
Anixter International Inc. is engaged in the distribution of communications and specialty wire and cable products, and fasteners and other small parts (C Class inventory components) through Anixter Inc. and its subsidiaries (collectively, Anixter).
