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. The locations will operate under The Hite Co. name.
“This is a beneficial arrangement for Hagemeyer, Hite, and our associates at these six locations,” said CEO Dave Gabriel of Hagemeyer North America.
“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.”
“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 2005), we have been exploring several options for additional locations. This acquisition fits right into our plans.”