GE Supply Agrees to Acquire Questron Technology Assets.Business/Technology Editors SHELTON, Conn.--(BUSINESS WIRE)--April 17, 2002 GE Supply, the electrical, voice and data products distribution business of the General Electric Company (NYSE NYSE See: New York Stock Exchange : GE), has reached agreement to acquire the assets of Questron Technology, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB). The GE-Questron agreement has been approved by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware; Questron filed for Chapter 11 protection in February and conducted a court-approved auction of its assets. The transaction is subject to satisfaction of certain conditions, including antitrust approval, and is expected to close within the next 20 days. Questron provides supply chain management solutions and inventory logistics management programs through two operating units: Questron Distribution Logistics and Questron Aerospace Logistics. Its customers span a broad cross section of industries in the commercial and aerospace markets. 2001 sales were approximately $130 million. According to President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bill Meddaugh, the Questron acquisition provides GE Supply "with an established platform for external Integrated Logistics Management (ILM) growth and productivity. It represents a natural expansion of our value-added service capabilities and offering to our customers." Headquartered in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , Questron employs 400 and has 36 sales/service centers throughout the U.S. and Mexico. Once the transaction is closed, the company will operate as a separate business of GE Supply. About GE Supply GE Supply is a full-line, international distributor of electrical, voice and datacom equipment and supplies from GE and other leading manufacturers. It serves electrical contractors, industrial and commercial users, engineer constructors, OEMs and utilities. GE Supply supports its customers with service offerings including the National Sales Center, National Tech Center, Product Specialist Network, 24-hour Internet Ordering and e-Commerce services, Hub and Spoke Distribution A physical distribution system developed and modeled on industry standards to provide cargo management for a theater. It is based on a "hub" moving cargo to and between several "spokes". facilities, and 24-hour emergency service. Headquartered in Shelton, Connecticut, the company utilizes 4.5 million square feet of warehouse space and has more than 150 branch offices and five distribution Hubs throughout the U.S, Mexico, South America, Ireland, the Middle East and Southeast Asia. GE Supply can be reached at (203) 944-3000; Web site www.gesupply.com |
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