Hagemeyer North America announced that The Hite Co., Altoona, Pa., would buy the operating business assets associated with six Hagemeyer electrical distribution sites. The acquisition is expected to close in late January 2006.
The purchase covers Hagemeyer locations in Pittsburgh, Cranberry Township, Castle Shannon, Canonsburg, and Washington, Pa.; and Morgantown, W.Va. Hagemeyer will continue to service national contract customers and industrial product customers in Pennsylvania.
"This is a beneficial arrangement for Hagemeyer, Hite, and our associates at these six locations," said CEO Dave Gabriel of Hagemeyer North America. He added that The Hite Co. would be enhanced by the addition of these locations as they expand their presence in the great Pittsburgh area.
"While we will miss the exemplary service and dedication of the Hagemeyer associates affected by this acquisition, we’re confident that, as Hite employees, they will ensure a successful transition of these locations. Hite is a fine company and will be enhanced by these locations as they expand their presence in the greater Pittsburgh area."
"We are excited to be expanding our service coverage in the Pittsburgh market," said CEO Lee Hite of The Hite Co. "Since making a commitment to this market with the opening of our Etna, Pa., location in January of this year, we have been exploring several options for additional locations. This acquisition fits right into our plans and it is a great opportunity for us to have the dedicated associates from these Hagemeyer North America locations join our team."