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Wednesday, November 19, 2014

Itochu eyes sale of building materials distributor PrimeSource-sources, (NYSE: JPM)

Japanese trading house Itochu Corp , is seeking to sell PrimeSource Building Products Inc, the largest distributor of screws and nails in the United States, for more than $1 billion, according to people familiar with the matter. Itochu has hired JPMorgan Chase & Co to run an auction for PrimeSource, which has attracted interest from private equity firms, the people said this week.PrimeSource has annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of around $100 million, the people added, asking not to be identified because the sale process is confidential.Representatives for Itochu and PrimeSource did not respond to requests for comment, while JPMorgan declined to comment.Based in Irving, Texas, PrimeSource distributes building materials for the residential, commercial and industrial construction markets. It has 42 distribution centers throughout the United States and Canada and more than 1,200 employees.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.12% or $0.07/share to $60.60. In the past year, the shares have traded as low as $52.97 and as high as $61.93. On average, 14087300 shares of JPM exchange hands on a given day and today's volume is recorded at 9194064.