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Itochu Corp. is looking to sell buildings material distributor PrimeSource Building Products Inc., Irving, TX, for more than $1 billion, according to a Reuters report.
Citing people familiar with the matter, Reuters says the Japanese trading house has hired JPMorgan Chase & Co. to hold an auction for PrimeSource, which has attracted interest from private equity firms. The sources said PrimeSource's annual earnings are around $100 million. Reuters said representatives for Itochu and PrimeSource did not respond to requests for comment, while JPMorgan declined to comment.
Itochu acquired PrimeSource in 1998. PrimeSource, which distributes building materials for the residential, commercial and industrial construction markets, has 42 distribution centers throughout the U.S. and Canada and more than 1,200 employees.