Systemax Inc. (NYSE: SYX), based in Port Washington, New York, announced on Wednesday that it will change its legal name to Global Industrial Company. Global Industrial Company will start trading on the New York Stock Exchange under the ticker symbol “GIC,” effective Monday, June 21.
Global Industrial, a national distributor of industrial products and MRO supplies, launched a new brand identity campaign in January that “honors our 70-plus year history, reflects our commitment to customers, partners and employees, and aligns with our strategic direction.” As part of that effort, Global Industrial came up with a new tagline: “We can supply that.”
“This is an exciting day in the history of the company and one that unites the entire organization,” said Richard Leeds, executive chairman of Systemax. “In 1949, the company started as a small material handling business and it’s fitting that we embrace those roots. The corporate name change is the final piece in the repositioning of the company around the Global Industrial business and one that allows us to move forward under a unified brand.”
The Global Industrial operating business is currently a subsidiary of Systemax. Last month, Systemax reported first quarter sales of $251.1 million, up 10.5% from the year-ago period. Profit declined 33.7% to $5.5 million.