Anixter (AXE) Acquires Electrical Wire/Cable Distributor Jorvex, S.A.
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Price: $75.56 +0.13%
Overall Analyst Rating:
NEUTRAL (
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Dividend Yield: 6%
Revenue Growth %: -2.0%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 6%
Revenue Growth %: -2.0%
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Anixter International Inc. (NYSE: AXE), has acquired all the outstanding shares of Jorvex, S.A. ("Jorvex") as of June 28, 2012.
Jorvex, based in Lima, Peru, is a leading distributor of electrical wire and cable products to commercial, industrial and government entities throughout Peru, with major distribution centers in Lima, Arequipa and Chiclayo. Jorvex's broad array of products includes electrical wire and cable products, PVC and HDPE pipe and conveyor belts along with various technical support services. Annual sales for Jorvex were approximately $115 million for 2011 and Anixter expects the acquisition to be immediately accretive to earnings in the second half of 2012.
UPDATE - From a U.S. SEC fling, Anixter International said it purchased Jorvex, S.A. on June 28, 2012 for approximately $56.2 million and assumed approximately $10.5 million in debt. The final purchase price will be subject to a net asset adjustment.
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Jorvex, based in Lima, Peru, is a leading distributor of electrical wire and cable products to commercial, industrial and government entities throughout Peru, with major distribution centers in Lima, Arequipa and Chiclayo. Jorvex's broad array of products includes electrical wire and cable products, PVC and HDPE pipe and conveyor belts along with various technical support services. Annual sales for Jorvex were approximately $115 million for 2011 and Anixter expects the acquisition to be immediately accretive to earnings in the second half of 2012.
UPDATE - From a U.S. SEC fling, Anixter International said it purchased Jorvex, S.A. on June 28, 2012 for approximately $56.2 million and assumed approximately $10.5 million in debt. The final purchase price will be subject to a net asset adjustment.
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