As a leading distributor of infrastructure, construction, repair and maintenance-related products with a 78-year history, Hughes Supply operates in 40 states with over 500 locations. The integration adds to Home Depot Supply's strong positions in waterworks, non-industrial facility maintenance, professional construction supply and plumbing, while adding new platforms in electric utilities, industrial pipes, valves and fittings, and electrical products distribution.
DeAngelo identified four specific steps Home Depot Supply is taking to support its plan to become the world's largest diversified wholesale distributor, with more than 1,500 locations, and to grow sales to $23 billion - $28 billion, or 18 percent-19 percent of The Home Depot's overall sales by 2010.
The Home Depot funded the acquisition with proceeds from $4 billion in senior notes ($1 billion in 5-year notes and $3 billion in 10-year notes) issued March 24, 2006, pursuant to the company's $5 billion shelf registration. The deal will be accretive to earnings per share within its first year.
Founded in 1978, The Home Depot is the world's largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2005 sales of $81.5 billion. The company employs approximately 345,000 associates and has 2,056 stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, 10 Canadian provinces and Mexico.
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