MSC Industrial Direct Co Announces the Acquisitions of American Tool Supply; Terms Not Disclosed

MSC Industrial Direct MSM announced today that it has acquired American Tool Supply, Inc. and its affiliate, American Specialty Grinding Co., Inc.. The two companies together generate approximately $50 million in annual sales. Terms of the transactions were not disclosed. MSC will use some of its available cash for these transactions and expects the acquisitions in total will become approximately $0.02 to $0.03 accretive to earnings in fiscal 2012 and more accretive in succeeding years. The Company also expects earnings dilution of approximately $0.01 per share in the fourth quarter of fiscal 2011, primarily due to the expenses related to the transactions.