MONTREAL - Hardware manufacturer and distributor Richelieu topped off another quarter of sales growth and profitability with the acquisition of CourterCo. It was the company's sixth purchase of a U.S. company in the past two years.
Richelieu reported net earnings of $12.0 million on sales of $147.1 million in its second quarter ended May 31, reflecting increases of 19.8% and 5.7% respectively over Q2 2011.
The company said its Q2 sales rose 8.9% on total sales of $28.6 million in the United States and 4.2% in Canada on total sales of $118.5 million.
Richelieu completed the purchase of CourterCo Inc.'s net assets on May 1. CourterCo, a wholesale distributor of hardware, laminates, sold surface materials and tools to the residential and commercial wood products markets, operates locations, including Indianapolis, IN; Louisville, KY; and Greensboro, NC.
"In addition to gaining access to the Indiana market, we strengthen our presence in the other two," said Richard Lord, president and CEO of Richelieu, "and we will seek to seize the potential of the synergies, for instance by combining our existing operations in these regions."
"Richelieu achieved another good performance in the second quarter, posting solid growth, an excellent financial position and further expansion-by-acquisition," Lord said. "Our growth continues to be driven by our innovation strategy, our acquisitions, the synergies created with them and our operational efficiency initiatives."
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