MSC INDUSTRIAL SUPPLY CO. ACQUIRES INTELLECTUAL PROPERTY ASSETS FROM SCHMITZ MANUFACTURING RESEARCH & TECHNOLOGY
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.
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SOURCE MSC Industrial Supply Co.