Grainger Completes Tender Offer Bid; Achieves 53% Stake in MonotaRO Co., Ltd.
15 September 2009 - 2:02AM
PR Newswire (US)
CHICAGO, Sept. 14 /PRNewswire-FirstCall/ -- Grainger, North
America's leading broad line distributor of facilities maintenance
products, today announced it has completed its tender offer bid in
Japan for 380,000 shares of MonotaRO Co., Ltd., a Japanese company
listed on the Tokyo Stock Exchange, at a price of 1,010 Yen
($11.11) per common share. As a result of the completion of the
transaction, Grainger has achieved a 53% majority ownership in
MonotaRO and will consolidate MonotaRO's results beginning with the
balance sheet in the third quarter and the full income statement in
the fourth quarter. As a majority owner, Grainger will recognize
100% of the fair value of acquired assets and assumed liabilities
of MonotaRO. It is anticipated that this transaction will trigger a
one-time gain in the third quarter estimated to be in the range of
$0.30 - $0.40 earnings per share. Established in 2000 in Osaka,
MonotaRO is a direct marketer of maintenance, repair and operating
(MRO) supplies to businesses in Japan. MonotaRO has successfully
innovated in the Japanese MRO market, the second largest industrial
market in the world, offering more than 110,000 products to more
than 320,000 customers. In 2008, MonotaRO had revenues of $136M and
operating earnings of $11 million. About Grainger W.W. Grainger,
Inc. (NYSE:GWW), with 2008 sales of $6.9 billion, is a leading
broad line supplier of facilities maintenance products serving
businesses and institutions in the United States, Canada, Mexico,
India, China, and Panama. Through a highly integrated network
including more than 600 branches, 18 distribution centers and
multiple Web sites, Grainger's employees help customers get the job
done. Forward-Looking Statements This document contains
forward-looking statements under the federal securities law.
Forward-looking statements relate to the company's expected future
financial results and business plans, strategies and objectives and
are not historical facts. They are generally identified by
qualifiers such as "anticipated", "estimated", "in the range of",
"will", or similar expressions. There are risks and uncertainties
the outcome of which could cause the company's results to differ
materially from what is projected. The forward-looking statements
should be read in conjunction with the company's most recent annual
report, as well as the company's Form 10-K, Form 10-Q and other
reports filed with the Securities & Exchange Commission,
containing a discussion of the company's business and various
factors that may affect it. DATASOURCE: W.W. Grainger, Inc.
CONTACT: Media, Jan Tratnik, Director, Public Affairs &
Corporate Communications, +1-847-535-4339, or Erin Ptacek,
Director, Corporate Brand & Reputation, +1-847-535-1543, or
Investors, Ernest Duplessis, Vice President, Investor Relations,
+1-847-535-4356, or William Chapman, Director, Investor Relations,
+1-847-535-0881, all of W.W. Grainger Web Site:
http://www.grainger.com/
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