Anixter International Inc. (NYSE: AXE), Glenview, Illinois, reported sales for 2019 of $8.8 billion, up 5% year-over-year. Profit was up 68% to $262.9 million.
For the fourth quarter, sales were $2.3 billion, up 6% over the year-ago quarter. Profit was $101 million, up from $41.8 million in the fourth quarter of 2018.
Network & Security Solutions reported record fourth quarter sales of $1.2 billion, an increase of 7.7%. Electrical & Electronic Solutions reported record fourth quarter sales of $598.9 million, an increase of 4.8%. Utility Power Solutions reported record fourth quarter sales of $448.9 million, an increase of 4.4%.
On January 13, 2020, Anixter and WESCO International, Inc. announced that their boards of directors have unanimously approved a definitive merger agreement under which WESCO will acquire Anixter in a transaction valued at approximately $4.5 billion.