Acklands Limited Announces Purchase of Reynolds Fasteners, Inc.TORONTO, Ontario--(BUSINESS WIRE)--Feb. 6, 1996--Acklands Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ) As reported on December 15, 1995 Acklands Limited ("Acklands") now announces the successful closing of its purchase of the shares of Reynolds Fasteners fasteners In construction, connectors between structural members. Bolted connections are used when it is necessary to fasten two elements tightly together, especially to resist shear and bending, as in column and beam connections. , Inc. ("Reynolds"), a wholly-owned indirect subsidiary of the Allegheny Ludlum Corporation, February 1, 1996 (effective December 31, 1995) for approximately $30 million (U.S.). Reynolds is a leading U.S. importer and distributor of industrial metal fasteners in a $7 billion U.S. market. Reynolds has established itself as a major supplier through its ability to source and distribute quality fasteners at competitive prices through branches located in Atlanta, Chicago, Edison (New Jersey), Cleveland, Dallas, Detroit, Houston, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Tampa. Reynolds has projected sales in excess of $50 million (U.S.) and projected EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). of approximately $5 million (U.S.) for 1996. It is a master distributor to the manufacturing, construction and industrial base in the U.S.A. Reynolds will complement the existing fastener business that Acklands operates in Canada, through its Pro Fastener division, as the lines that each carries are similar. Sourcing synergies are possible as well as the opportunity of supplying smaller lots by Pro Fastener through the Reynolds network. Acklands expects to introduce the marketing expertise developed by Reynolds to the Canadian market by offering similar master distribution programs. Acklands is the largest distributor of industrial and safety related products, and the second largest automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. parts distributor in Canada. Through its subsidiary, Rose Auto Stores, the Company has a significant retail presence in South Florida's auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
CONTACT: Acklands Limited Mr. K. (Rai) Sahi Chairman and Chief Executive Officer 416/631-5200 or Acklands Limited Mr. Fraser R. Berrill Vice President, Corporate Development 416/631-5262 |
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