Stellar Industrial to acquire Tucson Abrasives
Stellar Industrial Supply has signed a letter of intent to join forces with Tucson Abrasives, of Tucson, Ariz.
The transaction is scheduled to close during the third quarter. Terms were not disclosed.
“The combination of two excellent companies will provide great benefits to our customers, associates and suppliers. Together we will be able to provide a broader array of products and services to our customers,” said John S. Wiborg, Stellar president and CEO. “Tucson Abrasives is an excellent company, with a reputation for providing their customers quality products with high service levels and know how to drive value to their customers’ financial results."
Wiborg added that Tucson Abrasives affords Stellar an excellent platform on which to build a strong presence in the Arizona market.
According to John J. Lott, CEO of Tucson Abrasives, “We feel that this transaction is a great fit for our customers, suppliers, employees and investors. Our team is committed to ensuring the transition from two organizations to one is as smooth and seamless as possible. I am confident that this is a very positive next step for everyone that has come to trust Tucson Abrasives over our company’s long history.”
After the combination is completed, Stellar will have approximately 175 employees and 13 branches. The company is headquartered in Tacoma, Wash.
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