Hughes Supply acquires Todd Pipe & Supply
June 10, 2004Todd Pipe's sales and operating income
for the twelve months ended Jan. 31, 2004, were $211 million and $13 million, respectively. With 483 employees, it has revenue
and profitability per employee above Hughes' and industry average.
The acquisition of Todd Pipe is clearly aligned with two key elements of Hughes' acquisition strategy of expanding its geographic footprint into attractive, high-growth markets, and investing in businesses with leadership ...
Todd Pipe's sales and operating income
for the twelve months ended Jan. 31, 2004, were $211 million and $13 million, respectively. With 483 employees, it has revenue
and profitability per employee above Hughes' and industry average.
The acquisition of Todd Pipe is clearly aligned with
two key elements of Hughes' acquisition strategy of expanding its geographic footprint into attractive, high-growth markets,
and investing in businesses with leadership market positions, superior operating models and higher profitability, thus improving
the company's overall operating portfolio and financial returns. Hughes sees plumbing as an excellent business with great
potential and is strategic to its long-term plans. Hughes has worked on structural changes to improve growth and returns in
the business, and believes the acquisition of Todd Pipe will help accelerate this.
'Todd Pipe is a highly profitable,
exceptionally well-run market leader that will provide us with strong market positions in attractive markets, increased scale,
and proven systems and practices,' said Tom Morgan, president and CEO of Hughes Supply. 'Its profitability and return on invested
capital is well above that of our Plumbing segment.
'Todd Pipe is a natural match for us, having already adopted many
of the systems and practices currently under development at Hughes. It has fully implemented the Eclipse Distribution Management
System, our distribution platform of choice, is performing customer profitability analysis, and expanded its service offerings,
all of which have resulted in operational and financial excellence.
'Additionally, this acquisition enables us to continue
to improve and build on our core Plumbing/HVAC business, providing significant and margin-expanding purchasing leverage and
sourcing opportunities.'
Hughes Supply, Inc., founded in 1928, has 500 locations in 38 states. Hughes employs 8,900
associates and generates annual revenues of $3.5 billion.
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