Electrical products distributor Wesco International Inc said it will purchase rival EECOL Electric Corp for about C$1.14 billion ($1.16 billion) to expand its presence in Canada and South America.Wesco's shares jumped 9 percent to $62.24 after the bell. They closed at $57.17 on Wednesday on the New York Stock Exchange.The acquisition, which is expected to close in the current quarter, will add about $1.00 per share to Wesco's earnings in the first full year of operation, the company said.The deal comes about 4 months after Wesco bought another Canadian rival Trydor Industries Ltd to grow its utility business in the country. ()
WESCO International, Inc. (WESCO International) is a distributor of products and provider of supply chain management and logistics services used primarily in industrial, construction, utility and commercial, institutional and Government markets. Shares of WCC traded higher by 1.49% or $0.84/share to $57.17. In the past year, the shares have traded as low as $40.62 and as high as $68.19. On average, 613906 shares of WCC exchange hands on a given day and today's volume is recorded at 915953.
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