MELVILLE, N.Y. and DAVIDSON, N.C., March 27,
2024 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY
CO. (NYSE: MSM), a premier distributor of Metalworking and
Maintenance, Repair and Operations (MRO) products and services to
industrial customers throughout North
America, announced it has completed the acquisition of
intellectual property (IP) assets from Schmitz Manufacturing
Research & Technology LLC (SMRT) related to its technology
solutions for the U.S. manufacturing industry.
Based in Knoxville, Tenn., SMRT
is led by Chief Executive Officer Christine
Schmitz and Chief Technology Officer Dr. Tony Schmitz, a world-renowned mechanical
engineering researcher. As experts in machining dynamics and
mechanical vibrations, SMRT consults with industry and government
partners and has become globally recognized as a leader in
mechanical, aerospace and manufacturing engineering.
"This is an exciting day for MSC. SMRT is bridging the gap
between cutting edge research and the manufacturing industry," said
Erik Gershwind, MSC President and
Chief Executive Officer. "We look forward to further advancing
innovation across our best-in-class metalworking products and
solutions by combining our technical expertise."
Jamie Goettler, Senior Director,
Metalworking Business Development, said, "Technology and innovation
are essential to MSC and to our stakeholders. With SMRT's IP
assets, we will strive to create and deploy technology for the U.S.
machining industry that will drive down our customers'
manufacturing costs, create capacity through speed improvements,
and generate greater levels of productivity on the shop floor."
About MSC Industrial Supply Co.
MSC Industrial Supply Co. (NYSE:MSM) is a leading North American
distributor of a broad range of metalworking and maintenance,
repair and operations (MRO) products and services. We help our
customers drive greater productivity, profitability and growth with
approximately 2.4 million products, inventory management and other
supply chain solutions, and deep expertise from more than 80 years
of working with customers across industries. Our experienced team
of more than 7,000 associates works with our customers to
help drive results for their businesses - from keeping
operations running efficiently today to continuously rethinking,
retooling, and optimizing for a more productive tomorrow. For more
information on MSC Industrial, please visit mscdirect.com.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute "forward-looking
statements" under the Private Securities Litigation Reform Act of
1995. All statements, other than statements of present or
historical fact, that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future, including statements about results of operations and
financial condition, expected future results, expected benefits
from our investment and strategic plans and other initiatives, and
expected future growth, profitability and return on invested
capital, are forward-looking statements. The words "will," "may,"
"believes," "anticipates," "thinks," "expects," "estimates,"
"plans," "intends" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those anticipated by these forward-looking
statements. In addition, statements which refer to expectations,
projections or other characterizations of future events or
circumstances, statements involving a discussion of strategy, plans
or intentions, statements about management's assumptions,
projections or predictions of future events or market outlook and
any other statement other than a statement of present or historical
fact are forward-looking statements. The inclusion of any statement
in this press release does not constitute an admission by MSC or
any other person that the events or circumstances described in such
statement are material. In addition, new risks may emerge from time
to time and it is not possible for management to predict such risks
or to assess the impact of such risks on our business or financial
results. Accordingly, future results may differ materially from
historical results or from those discussed or implied by these
forward-looking statements. Given these risks and uncertainties,
the reader should not place undue reliance on these forward-looking
statements. These risks and uncertainties include, but are not
limited to, the following: our ability to consummate our
contemplated investment transactions; our ability to realize the
expected benefits from our investment and strategic plans; our
ability to realize the expected cost savings and benefits from our
investments; risks associated with the integration of acquired
businesses or other strategic transactions; and goodwill and other
indefinite-lived intangible assets recorded as a result of our
acquisitions could become impaired. Additional information
concerning these and other risks is described under "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our Annual and Quarterly Reports on
Forms 10-K and 10-Q, respectively, and in the other reports and
documents that we file with the United States Securities and
Exchange Commission. We expressly disclaim any obligation to update
any of these forward-looking statements, except to the extent
required by applicable law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/msc-industrial-supply-co-acquires-intellectual-property-assets-from-schmitz-manufacturing-research--technology-302101769.html
SOURCE MSC Industrial Supply Co.