$STCC SO MUCH REVENUE!!!!!!! Sterling Consolidated
Post# of 74540
Posted On: 05/07/2014 12:41:44 PM
$STCC SO MUCH REVENUE!!!!!!! Sterling Consolidated Acquires R.G. Sales Inc. Company Expands Distribution Into the Oil And Gas Industry With Another Acquisition
GlobeNewswire Sterling Consolidated Corporation
April 23, 2014 8:00 AM
NEPTUNE, N.J., April 23, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (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
GlobeNewswire Sterling Consolidated Corporation
April 23, 2014 8:00 AM
NEPTUNE, N.J., April 23, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (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
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1️⃣I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
2️⃣All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
3️⃣I will not and cannot be held liable for any actions you take as a result of anything you read here.
4️⃣Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
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