Seeking ‘platform to enter U.S.,' ITOCHU Corp. acquires Galleher
Japan’s ITOCHU Corp. has acquired
one of the nation’s top floor covering distributors, Galleher, Inc., the two
sides confirmed. The deal is expected to give the 60-year old Santa Fe Springs,
Calif.-based distributor an infusion of capital as well as the global resources
of its new parent company. For ITOCHU, a trading company with more than $18
billion in revenues and a portfolio that includes more than 600 affiliated
companies, the deal signals its intent to crack the U.S. hard surface flooring
market. Plans call for Galleher to operate as a subsidiary within the ITOCHU
Group effective immediately.
The two companies said “the acquisition allows for a platform to enter the U.S. market for hard surface flooring, which is not currently handled by ITOCHU’s North American subsidiaries and affiliates. For Galleher, this opportunity opens doors for product line diversification and customer base expansion.”
Terms of the deal were not disclosed.
The two companies said “the acquisition allows for a platform to enter the U.S. market for hard surface flooring, which is not currently handled by ITOCHU’s North American subsidiaries and affiliates. For Galleher, this opportunity opens doors for product line diversification and customer base expansion.”
Terms of the deal were not disclosed.
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