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Philadelphia, PA-based Hajoca Corp. has agreed to buy Richards Plumbing, Heating & Industrial Supplies, Grand Rapids, MI. The purchase pushes Hajoca into Michigan. Hajoca operates in 32 other states.
The 71-year-old CEO of Richards told the Grand Rapids Press that he and his sons sold to the national plumbing and heating wholesaler because of growing competition in that market. The firm has annual sales of about $25 million, according to the paper.
He told the paper that in order to compete with companies such as recently arrived Ferguson Enterprises, the firm had to grow. The commercial side of his business has been strong, but the residential business has been slow.
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