19th Feb 2020 14:15
(Alliance News) - Ferguson PLC on Wednesday said it has agreed to buy Columbia Pipe & Supply Co for an undisclosed sum.
Chicago-based Columbia Pipe is a distributor which specialises in mechanics, plumbing, industrial, valve automation, engineered products, and hydronics.
In 2019, Columbia Pipe generated revenue of USD220 million, Ferguson said.
No financial details of the deal were disclosed.
The transaction is subject to receipt of regulatory approval from the relevant competition authorities which is expected the current quarter, the company noted.
"Chicago is the third largest city in the US with a substantial commercial market. Columbia Pipe has a strong reputation and well-established vendor and customer relationships in this important region. This acquisition accelerates our Chicago market strategy and will allow us to rapidly expand our existing capabilities across the Mid-West," said Ferguson Chief Executive Kevin Murphy.
Ferguson shares were trading 0.4% higher in London on Wednesday at 7,540.00 pence each.
By Evelina Grecenko; [email protected]
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