Home Depot closes $94.9M US Home Systems purchase
by Associated Press Wire
October 29, 2012 11:10 AM | 354 views | 0 0 comments | 3 3 recommendations | email to a friend | print
NEW YORK (AP) — The Home Depot Inc. said Monday that it has closed its $94.9 million acquisition of U.S. Home Systems Inc., which makes kitchen cabinet refacing products and bathroom cabinets.

The deal was approved by U.S. Home Systems stockholders at a special meeting Friday.

Atlanta-based Home Depot said in August it would pay $12.50 per share in case for the Irving, Texas, manufacturer. U.S. Home Systems had about 7.6 million shares outstanding as of March 31. The offer was a 38 percent premium over its closing share price of $9.06 the day before the deal was made public.

U.S. Home Systems currently exclusively provides The Home Depot with kitchen cabinet and bath refacing products and services, as well as products for organizing closets and garages. With the closing, the company became an indirect wholly owned subsidiary of The Home Depot.

The new unit has more than 1,000 employees and more than 40 branch offices. The company manufactures its own cabinet refacing products and bathroom cabinetry. It currently exclusively provides The Home Depot with kitchen cabinet and bath refacing products and services, as well as products for organizing closets and garages.

U.S. Home Systems shares were delisted from the Nasdaq Stock Market with the closing.

Home Depot shares closed Friday at $60.04, up about 43 percent since the start of the year.

Stocks were not trading Monday because the stock exchanges were closed because of Hurricane Sandy.

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