Acklands-Grainger agrees to acquire WFS Enterprises Acklands-Grainger announced its agreement to acquire WFS Enterprises, a distributor of tools and supplies to industrial markets in Southern Ontario and select U.S. locations. The acquisition is expected to be accretive in the first calendar year of operations. Terms of the transaction were not disclosed. WFS employs approximately 275 people and has 12 locations including 10 branches in Southwest Ontario, and two locations in the U.S., in Michigan and South Carolina. WFS had 2013 sales of approximately $87M. Subject to regulatory approval and certain customary closing conditions, this transaction is expected to close in the third quarter of 2014.
Grainger downgraded to Neutral from Outperform at Baird Baird downgraded Grainer to Neutral from Overweight as U.S. economic trends are progressively later-cycle, raising overall risk profiles for distributors with industrial exposure. Baird lowered its price target to $240 from $258 on Grainger shares.