Anixter moves into Peru
Jorvex is a distributor of electrical wire and cable products to commercial, industrial and government entities throughout Peru.
Anixter (NYSE: AXE) announced that it has acquired all outstanding shares of Jorvex, S.A. as of June 28, 2012. Based in Lima, Peru, Jorvex is a distributor of electrical wire and cable products to commercial, industrial and government entities throughout Peru, with major distribution centers in Lima, Arequipa and Chiclayo.
"We are pleased to have Jorvex join Anixter and look forward to gaining their insight and partnering with the excellent team that has successfully built and led this business for over 40 years," said Bob Eck, President and CEO of Anixter.
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Jorvex's array of products includes electrical wire and cable products, PVC and HDPE pipe and conveyor belts, along with various technical support services. Annual sales for Jorvex were approximately $115 million for 2011; Anixter expects the acquisition to be immediately accretive to earnings in the second half of 2012.
"Consistent with the strategy we have articulated, the acquisition of Jorvex represents an important step with our 'emerging markets' growth initiative while also leveraging Anixter's existing geographical presence and logistics capabilities," continued Anixter's CEO Eck. "Furthermore, as a market leader, Jorvex immediately positions Anixter as a stronger and more significant player in the Andean market. Combined with Anixter's existing wire and cable business, we will continue to lead the market and grow the business throughout the Latin American region."