DDI Boosts Anixter Sales
DDI Boosts Anixter Sales
Jason Sandefur
Distribution Dynamics Inc. sales gave parent company Anixter International Inc. an $18.7 million lift during the first quarter of 2005. Anixter reported overall Q1 sales rose 15% to $876.5 million, while operating income increased 36% to $39.6 million.
Anixter acquired bankrupt DDI in June 2004 for about $33 million.
Q1 performance included organic sales growth of 11%, CEO Robert Grubbs noted. North American sales grew 14% to $651 million, while sales to Europe improved 20% to $168.3 million and combined sales in Asia and Latin America gained 8.3% to $57.3 million.
During Q1 Anixter issued $200 million of 5.95% senior unsecured notes, due in 2015, for funds to reduce institutional debt. Web: anixter.com �2005 FastenerNews.com
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