Paris-based electrical distributor Rexel confirmed that it will keep its bid of & euro; 4.85 per share for Dutch rival Hagemeyer NV, a total of about & euro; 3.1 billion (US$4.5 billion). Analysts had questioned whether the company would move ahead with its takeover bid or reduce the offer after Hagemeyer was ordered to pay & euro; 50 million in advance damages over the bankruptcy of a former subsidiary.
Ingersoll-Rand Company Ltd., Hamilton, Bermuda, has agreed to acquire Trane Inc., formerly American Standard Companies Inc., Piscataway, NJ, for $10.1 billion, including the assumption of $150 million of Trane net debt. Trane is a manufacturer of indoor climate control systems with expected 2007 sales of $7.4 billion. More
Electrical distributor WESCO International Inc., Pittsburgh, PA, will enter a joint venture with Deutsch Engineered Connecting Devices Inc., where the Hemet, CA-based company would own 60 percent of WESCO's LADD operations at a price of $75 million. Under the agreement, Deutsch has the option to acquire the remaining 40 percent in 2010. LADD, a part of Carlton Bates, was acquired by WESCO in September 2005. More HD Supply has signed a letter of intent to sell its Rheem/Ruud HVAC operations to Watsco Inc., Coconut Grove, FL, an HD Supply spokeswoman confirmed. She said  ; the companies are in the process of due diligence on the deal. The assets will become part of Watsco's Gemaire group in Ft. Lauderdale, FL. More Viking Electric Supply, Minneapolis, MN, a subsidiary of Sonepar USA, has acquired Anchor Electric Supply, a single-branch distributor in Sturgeon Bay, WI, which serves the contractor and industrial markets. More Applied Industrial Technologies, Cleveland, OH, has acquired VYCMEX S.A. de C.V., headquartered in Monterrey, Mexico. It is a fluid power distributor with more than 70 employees. More WinWholesale Inc., Dayton, OH, has opened Orlando Winnelson Co. in Orlando, FL, to serve contractors in a four-county area with plumbing equipment, supplies and accessories. More
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, plans to acquire two electrical suppliers -one in Europe and one in Asia-Pacific. The acquisitions'combined estimated sales for the year ended Dec. 31, 2007, are $2 billion. When the acquisitions close, Eaton's electrical business will have annual sales of more than $7.5 billion. More DE-STA-CO, New York, NY, an operating company within the Material Handling platform of Dover Corp.'s Industrial Products segment, has acquired Industrial Motion Control LLC, Wheeling, IL, with annual revenues of $50 million. IMC has additional facilities in Belgium and China. More ProBuild Holdings, Denver, CO, supplier of building materials to professional contractors, has purchased Fort Lauderdale, FL.-based Rosen Building Supplies, supplier of drywall and related products to commercial and residential building markets. Pro-Build Holdings has also acquired Lumber Inc., Albuquerque, NM, distributor of lumber, flooring and roof trusses. More Freudenberg has agreed to sell its European and U.S. brake hose business, Flexitech, to Mitsubishi Corp. and Meiji Flow Systems. Flexitech had sales