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Tri-State Electric sold

November 15, 1999|By DAN KULIN /Staff Writer

Hagerstown-based Tristate Electrical & Electronics Supply Co. was purchased by the Dutch company Hagemeyer N.V., Tristate CEO John M. Waltersdorf announced Monday.

Waltersdorf will step down as chief executive officer, but will remain a consultant for the company, which has 525 employees in 34 branch offices in Maryland, Delaware, Virginia, West Virginia and Pennsylvania.

No other changes are anticipated as a result of the acquisition.

Waltersdorf's daughter Grayson Oldfather will remain company president and no layoffs are expected, he said.

Tristate Electrical & Electronics Supply Co. was founded in March 1927 by Waltersdorf's father-in-law Robert Stott.

Waltersdorf said they decided to sell the company because "it's an opportunity for us to expand and grow."

"The company share's our values and respect for our employees," Waltersdorf said. "It's an opportunity for our employees."

Terms of the purchase were not disclosed.

Tristate distributes electrical materials and offers technical support and services. The company had $195 million in sales this year, Waltersdorf said.

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Hagemeyer is an international marketing, sales and distribution group with operations in Europe, the Americas and the Asia-Pacific region. Hagemeyer has 22,000 employees and sales of more than $4.6 billion, according to a company statement.

"The acquisition is in line with Hagemeyer's strategy to focus on business-to-business activities in growth markets and Tristate will be used as a platform for further growth in the U.S.," the Dutch group said in a statement.

Tom Riford, marketing director for the Hagerstown-Washington County Economic Development Commission, said, "On behalf of the City of Hagerstown we are very happy that a company has purchased the Tristate company with the aim of keeping the 525 employees gainfully employed and looking forward to future growth."

Hagemeyer is in the process of acquiring Vallen Corp., a Houston-based safety products and services company.

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