BRIEF: Highsmith sold to W.W. Grainger

Jul 11, 2008 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) -- GWW | Quote | Chart | News | PowerRating -- Fort Atkinson-based Highsmith Inc., a direct marketer of library equipment, furniture and supplies, has been sold for an undisclosed price to Chicago-based industrial supplies distributor W.W. Grainger Inc. (GWW).

Highsmith will be part of Grainger's Lab Safety Supply Inc. direct marketing subsidiary. The integration of Highsmith into Lab Safety Supply should be completed over the next six months, according to a Grainger statement.

The acquisition is expected to add $20 million to $30 million in sales in 2008, and break even in the first 12 months. Due to the timing and anticipated transition costs, the 2008 impact is expected to dilute Grainger earnings by 2 cents to 3 cents per share.

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