Wesco Enters Agreement to Sell Integrated Supply Business to Vallen Distribution, Inc.
PITTSBURGH, Feb. 23, 2024 /PRNewswire/ — Wesco International (NYSE:WCC) announced today that it has entered into a definitive agreement to sell 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 Company expects to use the proceeds to reduce debt and repurchase shares. The sale will include 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 approximately $784 million in 2023.
“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.
The sale is anticipated to close in the second quarter following customary regulatory approval.
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
+1 717-579-6603
jennifer.sniderman@wescodist.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesco-enters-agreement-to-sell-integrated-supply-business-to-vallen-distribution-inc-302069416.html
SOURCE Wesco International
