SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 1, 2018
LAWSON PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
8770 W. Bryn Mawr Ave., Suite 900, Chicago, Illinois
(Address of principal executive offices)
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets.
On October 1, 2018, Lawson Products, Inc. (the "Company") completed the acquisition of Screw Products, Inc. ("Screw Products"), a leading regional industrial parts distributor operating in Ohio and Texas. The Company acquired the assets, properties and rights of Screw Products and expects to complete the integration of the acquisition in the first half of 2019.
A copy of the press release announcing the acquisition is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release issued on October 1, 2018
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LAWSON PRODUCTS, INC.
October 2, 2018
By: /s/ Ronald J. Knutson
Name: Ronald J. Knutson
Title: Executive Vice President, Chief Financial Officer, Treasurer and Controller
For Immediate Release
Lawson Products Acquires Screw Products, Inc.
CHICAGO - October 1, 2018 - Lawson Products, Inc. (NASDAQ:LAWS), a distributor of products and services to the MRO marketplace, today announced the acquisition of Screw Products, Inc. (SPI). The acquisition closed October 1, 2018. Terms of the transaction were not disclosed.
Based in Dallas, Texas, SPI is a leading regional distributor of bulk industrial products to large manufacturers and job shops. SPI provides customized fastener and components packaging, sub-assembly, and kitting services in its Dallas and Dayton, Ohio warehouses. The company generates approximately $3 million in revenue.
"SPI’s deep expertise and successful execution in its markets have yielded strong profitability and sales growth,” said Michael DeCata, president and chief executive officer, Lawson Products. “This transaction further reinforces our commitment to being strategically focused and disciplined in pursuing acquisitions. As a result, Lawson is well-positioned to further penetrate the job shop/manufacturing market segment and to grow sales for both SPI and Lawson," said DeCata.
“We are thrilled to join Lawson Products and are
excited about the potential opportunities from leveraging their resources and experience,” said Bill Marthens, president and chief executive officer, Screw Products, Inc. “Lawson supports our commitment to a high level of customer service and to growing our sales profitably. We look forward to a great future as part of Lawson.”
Key SPI sales and operations employees will continue in their current roles reporting to Marthens who will oversee the day-to-day operations as director, segment development, for Lawson Products. Marthens will report to Shane McCarthy, senior vice president, supply chain and business development, Lawson Products.
About Lawson Products, Inc.
Founded in 1952, Lawson Products, Inc., headquartered in Chicago, IL, sells and distributes specialty products to the industrial, commercial, institutional and government maintenance, repair and operations market (MRO). The company is dedicated to helping customers in the U.S. and Canada lower their total cost of operation by increasing productivity and efficiency. The combination of Lawson Managed Inventory and the company’s problem-solving professionals ensures customers always have the right parts to handle the job. Through The Bolt Supply House, customers in Western Canada have access to products at several retail branches. Under its Kent Automotive brand, the company provides collision and mechanical repair products to the automotive aftermarket.
Lawson Products ships from several strategically located distribution centers to customers in all 50 states, Puerto Rico, Canada, Mexico, and the Caribbean.
For additional information, please visit https://www.lawsonproducts.com/ or https://www.kent-automotive.com/.
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Lawson Products Media Contact:
Investor Relations Contact:
Lawson Products, Inc.
Ronald J. Knutson
Executive Vice President, Chief Financial Officer