Maintenance, repair, and operations products and services distributor DXP Enterprises (DXPE 3.02%) has announced that it has acquired substantially all of the assets of Tucker Tool, a privately held distributor of state-of-the-art cutting tools, abrasives, coolants, and machine shop supplies. Financial terms were not disclosed.
The 10-employee Tucker Tool focuses on the chemical, oil and natural gas, power generation, general engineering, and transportation markets, complementing DXP's diverse industry representation that it's served since 1908.
Tucker had sales of around $8 million for the past 12 months ending April 30 and adjusted EBITDA of $1 million. It's expected the acquisition will be accretive to earnings and further expand DXP's metal working products and services platform.
DXP Enterprises CEO David Little said, "Tucker Tool will expand DXP's Metal Working division and allow us to continue to serve our customers' evolving needs."
DXP had almost $1.1 billion in revenues in 2012.