Acklands Limited and Reynolds Fasteners, Inc. Announce a Strategic Alliance.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. ) Acklands Limited ("Acklands") announces that it expects to acquire Reynolds Fasteners, Inc. ("Reynolds"), a wholly-owned indirect subsidiary of the Allegheny Ludlum Corporation, on or about February 1, 1996 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 1995. 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. The transaction is subject to a number of conditions, including execution of a definitive agreement. Acklands is the largest distributor of industrial and safety related products, and the second largest automotive aftermarket 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 945 Wilson Avenue North York, Ontario North York forms the central part of the northern half of Toronto, Ontario, Canada. As of the 2006 Census, it has a population of 624,610. The official 2001 census count was 608,288. M3K 1E8 (416) 631-5200 or Mr. Fraser R. Berrill Vice President, Corporate Development 945 Wilson Avenue North York, Ontario M3K 1E8 (416) 631-5262 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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