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| Grainger to acquire Asia Pacific Brands India |
| Yoshita Singh/ PTI / Chicago Jun 05, 2009, 11:32 IST |
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North America's leading distributor of facilities-maintenance products Grainger today said it will acquire its joint venture in India, industrial and electrical wholesale distributors Asia Pacific Brands India Pvt Ltd for $1.2 million.
Grainger has signed a definitive agreement to acquire full ownership of the Indian firm as the city-based company looks at expanding business in India. It would contribute an estimated $1.2 million to gain full ownership of the Indian joint venture.
"As the Indian economy gets more competitive, companies there want efficient and reliable ways to get the quality products they need to keep their facilities running and their employees safe," Grainger Chairman and Chief Executive Officer Jim Ryan said.
With annual revenues of approximately $30 million, Asia Pacific would provide Grainger a starting position in a large, high potential MRO market, it added.
The company said it would continue to make investments in the business to deepen its presence in India's growing economy.
With more than 20 locations and more than 4,000 dealer relationships across India, Asia Pacific Brands plans to go to market under the Grainger brand.
Grainger reported sales of $6.9 billion in 2008 and serves businesses and institutions in the US, Canada, Mexico, China and Panama.
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