PITTSBURGH, April 1,
2024 /PRNewswire/ --
Wesco International (NYSE:WCC) announced today that
it has completed the sale of 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 sale includes 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
$784 million in 2023.
The Company expects to use the proceeds from the sale to reduce
debt and repurchase shares. Additional details, including the
impact of the transaction on Wesco's 2024 outlook, will be provided
during the Company's first quarter earnings release webcast.
"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.
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
Vice President, Corporate Communications
717-579-6603
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SOURCE Wesco International