MONTREAL - Richelieu Hardware Ltd., which has expanded its presence in the U.S. market via the acquisitions of several hardware distribution companies, said it has notified the Toronto Stock Exchange that it intends to purchase up to 1,039,734 of its common stock.
Richelieu said the Toronto Stock Exchange has accepted its notice to make a "normal course issuer bid" representing 5 percent of the company's outstanding common shares as of November 30, 2012. The company can only buy a maximum of 2,094 shares on a daily basis per market day at its discretion. The purchase period will run from Dec. 10, 2012 through Dec. 9, 2013. Richelieu will cancel all shares that it might purchase during this one-year time frame.
Between Dec. 6, 2011 and Nov. 30, 2012, Richelieu purchased 173,600 shares at a weighted average price of 33.73 per share.
Richelieu is a North American distributor, importer and manufacturer of more than 90,000 types of specialty hardware and complementary products. The company's target markets include kitchen and bathroom cabinets, furniture and window and door manufacturers, residential and commercial woodworkers, and hardware retailers.
Richelieu is scheduled to exhibit at the Cabinets & Closets Expo, Feb. 28-March at the New Jersey Convention & Exposition Center in Edison, NJ.
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