![]() ![]() ![]() Net income fell to $602 million in the first quarter ended May 5, from $884 million a year earlier. Separately, Lowe’s reported quarterly financial results with a revenue increase of 10.7% for the first quarter at $16.9 billion, up from $15.2 billion in the first quarter of 2016. “Together, Maintenance Supply Headquarters and Central Wholesalers will expand our capabilities in serving this key segment while strengthening our platform for future growth with enhanced product and service offerings for MRO customers.” “Lowe’s has long served the multi-family housing industry through our Pro Services business, and we are excited about the potential to further expand our presence in this highly attractive and growing customer segment,” said Richard Maltsbarger, Lowe’s chief development officer and president of international. Tummillo is responsible for deepening and broadening Lowe’s relationship with professional customers to better serve their needs. He will also lead Lowe’s Pro Services business and Alacrity Services, a supplier of home restoration and repair services. Mike Tummillo, a 13-year Lowe’s veteran and recently appointed senior vice president of Lowe’s pro sales organization, will oversee Maintenance Supply Headquarters and Central Wholesalers. Lowe’s combined multi-family MRO business will include 16 distribution centers generating more than $400 million in annual sales. 2016 and said the combination will substantially expand Lowe’s ability to serve the multifamily housing industry. Lowe’s bought Central Wholesalers, a prominent MRO distributor in the Mid-Atlantic and Northeast, in Nov. Lowe’s said the purchase of Maintenance Supply Headquarters is an important step in its strategy to deepen and broaden its relationship with maintenance professionals. The company’s product offering includes appliance, plumbing, HVAC, lighting, hardware, electrical and other products, as well as services such as renovation project support, custom fabrication and educational classes. Maintenance Supply Headquarters, founded in 2006, operates 13 distribution centers, primarily in the western, southeastern and south central U.S., with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multi-family properties. Lowe’s put the total transaction value at $512 million. Home center chain Lowe’s Companies, Inc., Mooresville, NC, has agreed to acquire Maintenance Supply Headquarters, Houston, a distributor of maintenance, repair and operations (MRO) products focused on the multi-family housing market. ![]()
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