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Lowe's Expands Into Smaller-Format Store Market With Completion of Orchard Acquisition

Lowe's Companies (NYSE: LOW  ) on Friday confirmed that it has completed its previously announced acquisition of the majority of assets from Orchard Supply Hardware, in particular its acquisition of 72 Orchard stores, for approximately $205 million in cash plus assumption of Orchard's accounts payable to its suppliers.

Lowe's said it intends to operate Orchard as a stand-alone business, retaining both its brand name and its San Jose, Calif., headquarters. In a statement, Lowe's explained that "Orchard's smaller-format neighborhood stores ... are a natural complement to Lowe's strengths in big-box retail" in California. Located in high-density, prime locations that are difficult for 100,000-plus-square-foot home improvement stores like Lowe's to enter, Orchard's 36,000-square-foot neighborhood stores focus on selling paint, repair supplies, and backyard equipment.

"Orchard is well-positioned within the California marketplace, with a strong brand, loyal customers and significant opportunity to benefit from the economic recovery," said Lowe's business development executive and president of Orchard, Richard D. Maltsbarger. 


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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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12/1/2015 4:02 PM
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