Associated Press, 06.21.10, 01:37 PM EDT CHICAGO -- W.W. Grainger Inc. has formed a joint venture with an affiliate of Torhefe S.A. to expand the reach of its business in Latin America, the industrial maintenance company said Monday.
Torhefe is a leading distributor of maintenance, repair and operating supplies in Colombia, with an emphasis on fasteners.
Grainger owns an 80 percent majority position in the joint venture and will be known as Grainger Colombia. Further financial terms of the deal were not disclosed. Grainger reported this month that daily sales rose 16 percent, in part because of acquisitions.
Shares of Grainger rose 37 cents to $108.63 in afternoon trading.
Kevin Brown
www.kbsinsight.blogspot.com
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