Techni-Tool Announces Intent to be Acquired by GraingerFOR IMMEDIATE RELEASE
Worcester, Pa. (December 17, 2012) – Techni-Tool, Inc. and its affiliate Wassco Inc., leading specialist distributors serving manufacturing customers, today announced its intent to be acquired by W.W. Grainger, Inc., the leading broad line supplier of maintenance, repair and operating products serving businesses and institutions. Techni-Tool expects the transaction to close by December 31, 2012, subject to standard conditions. Terms of the agreement were not disclosed.
Incorporated by Ben and Blanche Weiss in 1959 and managed by their three sons, Paul, Stuart and Steven over the past 30 years, Techni-Tool is a leading provider of tools and test equipment to the electronic production industry. The company has over 200 employees and operates a state-of-the-art 117,000 sq. ft. distribution center in Worcester, Pa. Techni-Tool stocks more than 25,000 products and has a strong focus on customer service and reliability, providing same day shipping for 90 percent of all orders. Techni-Tool acquired Southern California-based Wassco in December 2008 and runs the company independently.
Founded in 1927, Grainger provides businesses and institutions access to more than one million products needed to keep their facilities running efficiently and their employees safe. The company has a multi-channel business model and an extensive distribution network including more than 350 U.S. branches stocked with inventory tailored to the needs of local businesses. Grainger serves as a one-stop-shop, helping customers save time and money by consolidating their purchases.
“This acquisition provides a great opportunity to provide greater value to manufacturing customers,” said Paul Weiss, President, Techni-Tool. “We are committed to making this transition seamless to our customers and look forward to leveraging the synergies between Techni-Tool and Grainger to bring more products, services and solutions to meet their needs.”# # #
About Techni-Tool, Inc
For more than 50 years Techni-Tool, Inc. has served the electronics production industry with the finest tools, test equipment, production supplies, ESD control and more, from top manufacturers around the globe. Headquartered in Worcester, PA, Techni-Tool serves customers in more than 100 countries with a unique combination of best in class customer service, sales and technical expertise combined with unmatched product selection, inventory control systems and added value that has made it the leading distributor in the field.
W.W. Grainger, Inc. with 2011 sales of $8.1 billion is North America’s leading broad line supplier of maintenance, repair and operating products, with expanding global operations. Visit www.grainger.com/investor for more information about the company.