NO more RUMOURS – Wesco International acquiring EECOL Electric
By Alyssa Dalton
October 17, 2012 – Wesco International, through a wholly owned subsidiary, has entered into a definitive agreement to acquire EECOL Electric Corp., headquartered in Calgary, Alta., and various affiliated companies for a purchase price of about $1.14 billion CDN.
The transaction is subject to certain conditions, including approval under the Canadian Competition Act. Closing is expected to occur in the fourth quarter 2012.
Founded in 1919, EECOL Electric is a full-line distributor of electrical equipment, products and services with about $0.9 billion in annual sales, 57 locations across Canada and 20 in South America, and more than 20,000 customers.
Mr. John J. Engel, Wesco’s chair, president and CEO, stated, “The addition of EECOL expands Wesco’s presence in Canada and broadens our international footprint, specifically our capabilities in South America”.
“We are very pleased to have reached this agreement with Wesco. We have known the Wesco management team and organization for years and are confident it will be a great home for our business and our team,” said Mr. Tom Crist, EECOL’s president and CEO.
“We have had great respect for EECOL for many years and are pleased to have EECOL become part of Wesco. Together we will expand our sales and service capabilities and capitalize on the strong supplier relationships of each company for MRO, OEM, and capital project-related opportunities,” said Stephen A. Van Oss, Wesco’s SVP and COO.