HD Supply to sell hardware business to Home Depot
HD Supply announced plans to sell its HD Supply Hardware Solutions, formerly known as Crown Bolt, to The Home Depot.
Terms of the deal were not disclosed. The transaction is expected to close by the end of fiscal year 2014 subject to obtaining customary regulatory approvals.
“After a detailed evaluation, we determined that selling our Hardware Solutions business is in the best interests of our associates and HD Supply shareholders,” said Joe DeAngelo, CEO of HD Supply. “HD Supply Hardware Solutions and The Home Depot have a long-standing and natural partnership. The Home Depot is Hardware Solutions’ largest customer and accounts for approximately 98 percent of its annual sales.”
HD Supply Hardware Solutions was The Home Depot’s 2013 Hardware Vendor of the Year, recognized for providing top-notch service and quality to The Home Depot stores.
“Our companies have had a long-standing relationship,” said Craig Menear, CEO and president, The Home Depot. “By formally bringing the business into The Home Depot family, we expect to further enhance our supply chain capabilities and hardware product offerings.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
