Home Depot Emerges as the Top Home Products Supplier After Buying HD Supply for $ 8 Billion | The State

Home Depot Emerges as the Top Home Products Supplier After Buying HD Supply for $ 8 Billion

Home Depot increased the length of paid vacation for its employees and implemented an hourly bonus.

Photo:
ROBYN BECK / AFP / Getty Images

Home Depot, the largest home improvement chain, acquired the distributor HD Supply by $ 8 billion.

“The union of both companies will allow us to offer our customers more maintenance and repair products. I look forward to seeing the value this acquisition will bring to our associates and shareholders, ”he said. Craig wiggle, CEO of Home Depot in a press release.

By paying $ 56 dollars for each share of HD Supply, the company hopes to become in the main supplier in the market of maintenance and repair products in the family housing and hotel markets.

HD Supply It has 44 distribution centers in 25 states in the United States and in two provinces in Canada. While Home Depot has 2,295 stores in the United States, Canada and Mexico and employs more than 400,000 people. During 2019, the company registered sales in excess of $ 110.2 billion and earnings for $ 11.2 billion.

Home Depot, that sells from plants, tools, as well as furniture and appliances, recorded an increase in its sales in the midst of the coronavirus pandemic of 23% in the third quarter compared to the same period last year, standing at $ 33.5 billion.

Since the beginning of the COVID-19 pandemic, the company reported that increased the length of paid vacation for its employees and implemented an hourly bonus. The company said it is transforming these temporary programs to permanently invest in workers’ compensation. The implementation of the new labor policy will it will cost about $ 1 billion.

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