BIRMINGHAM, Ala., Sept. 2, 2009 (GLOBE NEWSWIRE) -- The Bostwick-Braun Company and Moore-Handley, Inc. (Pink Sheets:MHCO) announced today that they have signed an Asset Purchase Agreement with respect to the proposed sale of substantially all of the assets of Moore-Handley and its wholly-owned subsidiary, Hardware House, Inc., to Bostwick-Braun. The transaction remains subject to the approval of the U.S. Bankruptcy Court for the Northern District of Alabama, which will oversee an auction process that is designed to assure that the assets of Moore-Handley and Hardware House are sold for the highest and best price available.
Bostwick-Braun has stated that, if it is successful at the auction, Moore-Handley and Hardware House will continue to go to market under their current names, with their business being operated out of the Pelham, Alabama facility.
Moore-Handley, Inc., founded in 1882, is a large, regional hardware and building materials distributor headquartered in Pelham, Alabama. It is a full service distributor that provides its customers with competitive programs from over 1,000 major manufacturers including categories in plumbing and electrical supplies, power and hand tools, paint and paint sundries, lawn and garden equipment and building materials. Moore-Handley also offers its customers a diverse range of services such as marketing and advertising with support services including computer generated systems for the control of inventory, pricing and gross margin, store installation and design services.
"The company (Moore-Handley, Inc.) has great people and a very loyal customer base, just like we do. Moore-Handley's product mix is more building material/commodity oriented than ours, so customers of both companies will benefit from a wider selection of vendors and items. As we bring these two great organizations together, taking the best from each to strengthen the other, we're confident that we can truly make one plus one equal THREE!" --- William R. Bollin, Chairman-CEO, The Bostwick-Braun Company
The Bostwick-Braun Company, headquartered in downtown Toledo, Ohio, is a wholesale hardware distributor and industrial supplier. Established in 1855, it is the city's second oldest business. Bostwick-Braun has distribution centers located in Ashley, Indiana, McKeesport, Pennsylvania and Avon, Ohio.