CHICAGO, March 26 /PRNewswire/ -- Grainger (NYSE: GWW) today announced
that a group of 83 executives bought $24.4 million in shares of common stock
from the Company, making the management team substantial shareholders.
Proceeds from the executive stock purchase program will be used to repurchase
shares on the open market.
Grainger Chairman and Chief Executive Officer Richard L. Keyser said, "We
feel that our stock price is attractive at current levels. Because we as a
management team believe in our strategic direction, we think it is especially
appropriate for management to increase its stake in the company. This program
further aligns the interests of management and shareholders."
The executives purchased 787 thousand treasury shares under the program.
Employees who met a threshold purchase requirement of one times their annual
base salary will receive a restricted stock grant if they remain with the
Company and hold their purchased shares for a minimum of two years. The total
number of restricted shares granted was 192 thousand shares.
The Company assisted employees in arranging loans through a commercial
bank Each executive will assume all risk for repaying his or her loan.
W.W. Grainger, Inc. (NYSE: GWW), with 2000 sales of $5 billion, is the
leading North American provider of maintenance, repair and operating (MRO)
supplies and related information to businesses and institutions. Grainger
shares are traded on the New York and Chicago stock exchanges. For more
information, visit Grainger online at http://www.grainger.com .
SOURCE W.W. Grainger, Inc.
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Related links:
http://www.Grainger.com
Company News On-Call:
http://www.prnewswire.com/comp/953850.html or fax,
800-758-5804, ext. 953850
CONTACT:
William D. Chapman, 847-535-0881, or Janis K.
Tratnik, 847-535-4339, both of W.W. Grainger, Inc.
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