MONTREAL - Richelieu Hardware's aggressive acquisition spree of U.S. distributors in the past couple of years helped it increase its U.S. sales to $120.4 million for the fiscal year ended Nov. 30, 2012, an increase of 19.9%.
Richelieu also recorded 4.8% growth in native Canada on sales of $445.1 million.
"For Richelieu, 2012 was another year focused on growth, innovation and service quality, as reflected by the increase in our performance indicators," said Richard Lord, president and CEO. "The 10 acquisitions closed between 2010 and 2012, including last May's transaction with CourterCo, brought a solid contribution to results and their integration has led to accretive synergies that will yield further benefits in the future. To this contribution were added good internal growth in Canadian markets and a strong advance in the United States where we continue to increase our market share and product offering to manufacturers and retailers. During the year, shareholders received a total of $10 million in dividends, and we repurchased Richelieu shares for some $6 million. Our Company enjoys an impeccable financial position and an excellent positioning to pursue its business strategy in North America."
Richelieu will exhibit at the 2013 Cabinets & Closets Expo, Feb. 28 and March 1 in Edison, NJ, and at the 2013 Woodworking Machinery & Supply Expo (WMS), Oct. 24-26 in Toronto.
Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo.
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