Ferguson PLC - Wokingham, England-based heating and plumbing products distributor - Announces it bought four US-based companies with a total annualised revenue of about USD350 million. The companies acquired are Southwest Geo-Solutions Inc, an Austin-based distributor of erosion control, AVCO Supply Inc, a Pennsylvania-based distributor of boilers and hot water heaters, GAR Engineering Inc, a North Carolina-based fire protection engineering service and design firm, and Safe Step Tubs of Minnesota Inc, an independent dealer licensed to sell and install Safe Step walk-in tubs and showers in the Midwest US.
"We continue to complement our organic growth strategy through capability and bolt-on acquisitions that are a cultural fit with our organization," says Ferguson Chief Executive Officer Kevin Murphy. "These four companies not only expand our geographic footprint, product offering and capabilities, but also add talented associates to Ferguson. Their knowledge and strong customer relationships are an invaluable asset that will help deliver results and grow market share."
Current stock price: 16,510.00 pence per share, down 0.5% Wednesday afternoon in London
12-month change: up 38%
By Tom Budszus, Alliance News slot editor
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Ferguson (FERG)