Business Services Industry
Squeezed Anixter goes low-tech with purchase.(Annual Meetings)
Crain's Chicago Business, June, 2003 by Murphy, F. Lee
Byline: H. LEE MURPHY Anixter International Inc. is moving back down the technological spectrum as telecom companies' demand for the wire and cable infrastructure of advanced communications networks shows no signs of improving. "Nothing tells me the second half this year will be dramatically better,'' said CEO Robert Grubbs at Glenview-based Anixter's recent annual meeting.
"Capital spending dollars at most companies still haven't been freed up. Companies are only investing in what they absolutely have to invest in.'' So, Anixter is looking for other ways to grow. Last September, it spent $108.5 million to acquire Pentacon Inc., a distributor of fasteners based in suburban Los Angeles with more than $200 million in annual sales. Some critics wondered...
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