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Wolseley buys two US firms for £7m

Builders' merchant Wolseley has bought two US firms for £7 million, continuing an Autumn shopping spree in which it has spent £418 million.
Wolseley has paid cash for 15 firms since the beginning of August, which are set to add £671 million to group turnover.

Ferguson, Wolseley's Virginia-based arm, bought electrical appliances firm LAB Distributing, based in North Carolina, yesterday.

LAB achieved sales of £1.4 million in the year to August 2005 and has gross assets of £0.4 million.

Stock Building Supply snapped up Texas-based building materials distributor Canyon Drive Lumber. Canyon produced sales of £17.9 million and had gross assets of £3.5 million in the 12 months to December 2004.

Wolseley produced a 16 per cent rise in group profits to £691.2 million in the year to July 31, 2005, up from £598.1 at the same stage in 2004.

Group sales increased 11 per cent to £11.2 billion from £10.1 a year earlier.

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