Grainger, North America’s distributor of facilities maintenance products has decided to acquire its Indian joint venture, Asia Pacific Brands India for $1.2 million. Asia Pacific Brands is an industrial and electrical wholesale distributor. The move comes as part of Grainger’s plans of expanding business in India.
Grainger, which is listed in the New York Stock Exchange, has signed a definitive agreement to acquire full ownership of the Indian firm. Late last year, the company wrote down its investment due to the bankruptcy filing of Asia Pacific's largest supplier.
Grainger has streamlined Asia Pacific’s operations and plans to continue making investments in the business to deepen its presence in the India markets. Asia Pacific Brands generates annual revenues of around $30 million and provides products and services in the fields of industrial, lighting, electrical, networking, power and small domestic appliances and home solutions.
Grainger reported total sales of $6.9 billion in 2008. The company has operations in United States, Canada, Mexico, China and Panama. Grainger provides its services through 600 branches and 18 distribution centers and an employee base of 18,000 people. Its clients include 1.8 million businesses and institutions in 150 countries.