Posted On: 04/23/2014 8:15:57 AM
Post# of 63832
$STCC - News! Acquires R.G. Sales Inc.
NEPTUNE, N.J., April 23, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"
, a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, announces the acquisition of R.G. Sales Inc. West Alexander, PA. This is the Company's second acquisition as it continues its consolidation efforts.
Due to R.G. Sales Inc. average revenue of $827,000, over the last 3 fiscal years, the company expects to add incremental revenue of $0.7-$0.8 million in the next year from this acquisition.
R.G. Sales Inc. is a 20-year-old distributor of O-rings, retainer rings, lock nuts and springs to the oil and gas industry in western PA. The acquisition adds a strategic location to enhance the distribution network of Sterling Consolidated, which can now provide one day transit time from Maine to Florida and as far west as Illinois. The acquisition also provides the Company with additional expertise as management will remain for 2 years.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The expansion into western PA allows us to increase our market share in the oil and gas sector. Many of these seals are sourced locally and it is advantageous to have a local footprint. This additional revenue should also improve our profit margins."
Mr. DeRosa further added, "We look forward to increasing shareholder value by continuing to execute our plan of strategic acquisitions."
http://www.stockwatch.com/News/Item.aspx?bid=...p;region=U
NEPTUNE, N.J., April 23, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"
, a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, announces the acquisition of R.G. Sales Inc. West Alexander, PA. This is the Company's second acquisition as it continues its consolidation efforts. Due to R.G. Sales Inc. average revenue of $827,000, over the last 3 fiscal years, the company expects to add incremental revenue of $0.7-$0.8 million in the next year from this acquisition.
R.G. Sales Inc. is a 20-year-old distributor of O-rings, retainer rings, lock nuts and springs to the oil and gas industry in western PA. The acquisition adds a strategic location to enhance the distribution network of Sterling Consolidated, which can now provide one day transit time from Maine to Florida and as far west as Illinois. The acquisition also provides the Company with additional expertise as management will remain for 2 years.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The expansion into western PA allows us to increase our market share in the oil and gas sector. Many of these seals are sourced locally and it is advantageous to have a local footprint. This additional revenue should also improve our profit margins."
Mr. DeRosa further added, "We look forward to increasing shareholder value by continuing to execute our plan of strategic acquisitions."
http://www.stockwatch.com/News/Item.aspx?bid=...p;region=U
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