Industrial products distributor MSC Industrial Direct Co Inc said it would purchase the North American distribution business of Barnes Group Inc for $550 million to gain access to the metalworking and maintenance, repair and operations market in Canada.The acquisition would nearly double MSC's sales force and help the company reach revenue of about $4 billion by 2016, Chief Executive Erik Gershwind said in a statement.MSC had total revenue of $2.36 billion in the year-ended Sept. 1.Barnes's North American business, which has 1,400 employees, distributes fasteners and other consumables to the manufacturing, transportation and natural resources industries. It had sales of about $300 million in 2012.
Barnes Group Inc. is an international aerospace and industrial components manufacturer and logistics services company serving a range of end markets and customers. Shares of B remained unchanged at $24.47. In the past year, the shares have traded as low as $19.71 and as high as $28.63. On average, 279980 shares of B exchange hands on a given day and today's volume is recorded at 0.
MSC Industrial Direct Co., Inc. (MSC) is direct marketers and distributors of a range of metalworking and maintenance, repair and operations (MRO) products to customers throughout the United States. Shares of MSM remained unchanged at $83.09. In the past year, the shares have traded as low as $61.39 and as high as $86.81. On average, 405656 shares of MSM exchange hands on a given day and today's volume is recorded at 0.
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