CHICAGO, Aug. 1 /PRNewswire/ -- Grainger today announced that it has
completed the transaction with Works.com , which was announced in June. As
part of the agreement, Grainger will combine OrderZone.com , a leading B2B
multi-supplier Internet marketplace, with Works.com, a leading online
purchasing service, forming one of the industry's most comprehensive
purchasing management services and e-marketplaces of indirect goods for small
and mid-sized businesses.
In addition, Grainger will also invest $21 million in cash in Works.com
and deliver the Works.com purchasing management service and marketplace to
Grainger's 1.4 million small and midsize customers through Grainger.com . For
its contributions of cash and the OrderZone.com business, Grainger will take a
40 percent equity stake, which is subject to certain voting and transfer
restrictions, and Grainger Group President Donald E. Bielinski will hold one
of seven seats on the Works.com board of directors.
"The closing of this agreement signifies the beginning of a strong
partnership, one benefiting customers of both Works.com and Grainger," said
Richard L. Keyser, chairman and chief executive officer of Grainger.
W.W. Grainger, Inc. (NYSE: GWW), with 1999 sales of $4.5 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:
Christine Swiderski of W. W. Grainger, Inc.,
847-535-4094, email, swiderski.c@grainger.com
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