Integrated Electrical Services, Inc. (Nasdaq: IESC), Houston, has sold the sale of Key Electric Supply, its electrical distribution business. Key Electric Supply, also located in Houston, is a residential and commercial distributor of electrical products that had been one of the rare instances of a distributor owned by an electrical contracting firm. A press release from IES announcing the conclusion of the sale referred to Key Electrical Supply as a "non-strategic asset."
Michael Caliel, IES president and CEO, said IES is focusing on its electrical and communications businesses. "We concluded this was a constructive opportunity to divest another non-core business," he said. "Moreover, we believe the transition of ownership to Elliott Electric Supply, Inc. will be a positive development for both Elliott and Key's customers and employees."