Ferguson Acquires Integrated Supply Firm
May 4, 2005
Newport News, Va.-based Ferguson agreed to acquire substantially all of the assets of Full Service Supply, a wholly owned subsidiary of Kennametal, in April, subject to assignment of certain customer contracts. Headquartered in Latrobe, Pa., FSS is primarily focused on delivery of Maintenance, Repair and Operations (MRO) supplies to customers in the manufacturing sector. It serves more than 100 customers across 33 states in the United States and one province of Canada. FSS had sales of $138.5 million for the year ended June 30, 2004, and net assets, excluding net debt, of $47.2 million. Upon completion, which is expected this month (May), Full Service Supply will operate as part of the Ferguson Integrated Systems division.