ATLANTA, Dec. 2, 2014 (GLOBE NEWSWIRE) -- HD Supply (Nasdaq:HDS) and The Home Depot® (NYSE:HD) today announced they have entered into an agreement for The Home Depot to purchase substantially all of the assets of HD Supply Hardware Solutions, formerly known as Crown Bolt, a leading supplier of fasteners and builders hardware to retailers in the United States. Terms of the deal were not disclosed. The transaction is expected to close by the end of fiscal year 2014 subject to obtaining customary regulatory approvals.
"After a detailed evaluation, we determined that selling our Hardware Solutions business is in the best interests of our associates and HD Supply shareholders," said Joe DeAngelo, CEO of HD Supply. "HD Supply Hardware Solutions and The Home Depot have a long-standing and natural partnership. The Home Depot is Hardware Solutions' largest customer and accounts for approximately 98 percent of its annual sales."
HD Supply Hardware Solutions was The Home Depot's 2013 Hardware Vendor of the Year, recognized for providing top-notch service and quality to The Home Depot stores.
"Our companies have had a long-standing relationship," said Craig Menear, CEO and president, The Home Depot. "By formally bringing the business into The Home Depot family, we expect to further enhance our supply chain capabilities and hardware product offerings."
About HD Supply:
HD Supply (www.hdsupply.com) is one of the largest industrial distributors in North America. The company provides a broad range of products and value-add services to approximately 500,000 customers with leadership positions in maintenance, repair and operations, infrastructure and power and specialty construction sectors. Through approximately 650 locations across 48 states and seven Canadian provinces, the company's approximately 16,000 associates provide localized, customer-driven services including jobsite delivery, will call or direct-ship options, diversified logistics and innovative solutions that contribute to its customers' success.
About The Home Depot:
The Home Depot is the world's largest home improvement specialty retailer, with 2,269 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2013, The Home Depot had sales of $78.8 billion and earnings of $5.4 billion. The company employs more than 300,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE:HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
Certain statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements regarding the anticipated acquisition of HD Supply Hardware Solutions by The Home Depot, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of HD Supply Hardware Solutions and The Home Depot and members of their respective management teams, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond HD Supply's and The Home Depot's ability to control or predict. Such factors include, but are not limited to, any conditions imposed in connection with the acquisition, the satisfaction of various other conditions to the closing of the acquisition contemplated by the purchase agreement, and other factors discussed in HD Supply's Annual Report on Form 10-K, as amended, for the fiscal year ended February 2, 2014, The Home Depot's Quarterly Report on Form 10-Q for the quarterly period ended November 2, 2014, and their other respective filings with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating any forward-looking statements contained herein.
CONTACT: For more information, contact: Financial Community Chris Kelley Vice President of Investor Relations - HD Supply 770-852-9100 InvestorRelations@hdsupply.com Diane Dayhoff Vice President of Investor Relations - The Home Depot 770-384-2666 email@example.com News Media Quiana Pinckney Public Relations - HD Supply 770-852-9057 Quiana.Pinckney@hdsupply.com Paula Drake Corporate Communications - The Home Depot 770-384-3439 firstname.lastname@example.org
Source:HD Supply;The Home Depot