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Wesco to buy specialty fastener company

Posted: June 1, 2012 2:00 a.m.
Updated: June 1, 2012 2:00 a.m.
 

Wesco Aircraft entered into an agreement to buy nearly all the assets of Interfast Inc. for $134 million in cash, according to Wesco officials.

The Valencia-based supply chain management services provider to the global aerospace industry announced last week that it entered into the agreement with Toronto-based firm.

Interfast is an international distributor of specialty fasteners, fastening systems and production installation tooling for the aerospace, electronics and general industrial markets.

The company works with both original equipment manufacturers and maintenance, repair and overhaul businesses to deliver fastener-based solutions for a broad base of applications.

“We are excited about the acquisition of Interfast, which we believe will accelerate our growth across North America and Asia and strengthen our relationships with several strategic aerospace customers,” said Randy Snyder, Wesco’s chairman, president and CEO.

The acquisition allows Wesco to broaden its product portfolio by including new lines such as specialty industrial products which complement its core business model, Snyder said.

The purchase also allows Wesco to offer maintenance, repair and overhaul businesses customers with the same service and on-time delivery that its original-equipment-manufacturing customers receive, he said.

“We believe that Wesco is well situated to capitalize on the expected growth in our industry and our acquisition of Interfast will create additional growth opportunities,” Snyder said.

The acquisition is expected to close toward the end of its fiscal third quarter or the beginning of its fiscal fourth quarter, company officials said. The purchase is not expected to have a material impact on Wesco’s adjusted diluted earnings per share for its current fiscal year, but is expected to be credited in fiscal 2013.  

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