9/26/2014 2:46:00 AM
NEWS BRIEFS
Anixter Completes In-State Relocation For Growth
Anixter International has completed an in-state relocation its growing cable-distribution business from Manchester, CT, to South Windsor, the Journal Inquirer reports.
“We were bursting at the seams,” Vice President of Finance Ron Bosco said of the 36,000 sq ft location at 340 Progress Drive in Manchester that the company left.
In recent weeks Anixter completed its $420 million acquisition of Tri-Ed Security Products, a distributor of security and low-voltage technology products.
Headquartered in Woodbury, NY, Tri-Ed provides approximately 110,000 products to over 20,000 customers. The company employs over 600 people across 63 locations in the U.S. and Canada. Tri-Ed generated approximately $570 million in sales and $36 million in adjusted EBITDA over the trailing twelve months ending June 30, 2014.
In the second quarter of 2014 Anixter OEM Supply – Fasteners sales increased 3.4% to $243.1 million. Fasteners operating income more than doubled to $12.2 million, with operating margins of 5% compared to operating margins of 2.4% in the prior year quarter and 5.1% in the first quarter of 2014.
Fastener sales during the first six months of 2014 improved 6.4% to $492.6 million, with segment operating income more than doubling to $25 million.
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