from TED Magazine
PITTSBURGH—WESCO International, Inc. (NYSE: WCC) has announced that WESCO Distribution, Inc. has acquired Needham Electric Supply.
Headquartered in Canton, Mass., Needham generates approximately $115 million in annual revenues with 24 locations in Massachusetts, New Hampshire, and Vermont. Needham is an electrical distributor focused on the commercial construction and lighting national account markets.
John J. Engel, WESCO’s Chairman, President, and Chief Executive Officer, said “Needham Electric Supply is a well-established wholesale electrical distributor with long-standing customer and supplier relationships in New England and includes a national lighting business that serves customers across the United States. We welcome the Needham team to WESCO. This acquisition is expected to be accretive to earnings by approximately $0.04 per diluted share in the first year of operation.”
Joseph Cincotta, Needham’s CEO, commented “We are pleased to join the WESCO team and look forward to working together to pursue new business opportunities and enhance the breadth of services and products for our customers.”