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MSC Industrial Direct Co Inc (NYSE:MSM) announces the acquisition of KAR Industrial Inc., a Canadian distributor of metalworking tools and accessories. Deal terms were not disclosed.
Founded in 1954, KAR operates three facilities in Mississauga, Montreal, and Edmonton for total country coverage, with 45 associates and estimated 2023 revenues of $16 million.
KAR will continue to operate under its current names, including its Duramill and Omnitool divisions, as an MSC company. Ward Meek, President of KAR, will continue to manage the daily operations.
MSC aims to enhance KAR’s offerings with access to its MSC’s 2.4 million-plus product portfolio and E-commerce sales channel through mscdirect.com.
“The addition of KAR Industrial Inc. expands our metalworking footprint in Canada. Their expertise in metalworking and industrial distribution aligns well with our commitment to helping customers solve their mission-critical challenges and improve the productivity of their operations,” commented Erik Gershwind, MSC President and Chief Executive Officer.
Price Action: MSM shares are trading higher by 0.94% at $97.92 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: MSM
