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in Third Quarter on Branding Plan GLENVIEW, Ill. (AP) Wednesday October 6,2004 -- Anixter International Inc., a global distributor of wiring systems, networking products and fasteners, said Wednesday that it will take a $2.6 million pre-tax charge in the quarter to launch a new branding strategy for the company's recently acquired fastener and small parts supply businesses. Following the September 2002 acquisition of Pentacon, Anixter acquired Walters Hexagon Group Ltd. as well as the assets and operations of Distribution Dynamics Inc. All three businesses supply C-class inventory components to original equipment manufacturers and collectively have annual sales of more than $375 million. The companies employ over 1,000 people in 44 locations throughout the United States and Britain with single locations in France and Italy. To integrate these companies' products, Anixter has launched a new brand name -- Anixter Fasteners -- and plans to record a $1.8 million charge in the third quarter to write-off the value assigned to the Pentacon name when that business was purchased by Anixter. The company also will record about $800,000 in acquisition-related costs related to Distribution Dynamics. In total, Anixter will record an after-tax charge of $1.5 million, or 4 cents per share, in the third quarter. |
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