Kentucky store closes its doors
According to a report in the Cincinnati Enquirer, The Klingenberg’s Do it Best hardware store in Newport, Ky., has closed.
The store had operated under various owners for 90 years. It was one of five Klingenberg hardware stores opened by five Klingenberg brothers in 1922, according to the newspaper.
The Newport store was most recently owned by Don Hartig, who told the newspaper the store couldn’t beat the economic downturn. Klingenberg hardware stores in Erlanger, Fort Thomas and Dayton closed previously. Two stores remain open — in Covington and Latonia.
Hillman to acquire H. Paulin & Co.
The Hillman Cos. agreed to buy Toronto-based fastener distributor H. Paulin & Co. for $103.7 million (C$103 million).
“We are excited to become an integral part of the Hillman organization,” said Richard Paulin, who will continue as president of the new division of Hillman Canada. “This acquisition joins two great and complementary industry leaders with over 140 years of combined fastener knowledge.”
The transaction is expected to close in the first quarter of 2013.
The $103 million price tag represents a premium of about 116% of the 20-day volume weighted average price of the Paulin shares on the Toronto Stock Exchange as of Dec. 17.
Hillman CEO Max Hillman said the combined company will implement best practices of Paulin and Hillman “to better serve customers and to grow the combined operations throughout Canada.”
Cincinnati-based Hillman was founded in 1964 and began serving Canada in 2002. The company said it has more than 20,000 retail customers in the United States, Canada, Mexico, South America and Australia.
Rocky’s promotes HR executive
Springfield, Mass.-based Rocky’s Ace Hardware promoted Karen Gravelin to the position of VP corporate administration.
Gravelin, 56, joined Rocky’s Ace Hardware in September 2011 as director of human resources. In her new role, Gravelin will be responsible for information technology, organizational development and training in addition to human resources, payroll and benefits.
Rocco Falcone said: "We are very pleased to be able to promote from within the organization a talented individual with such a diverse background who is also a longtime member of our local community."
That background includes experience as chief operating officer of the law firm of Robinson Donovan, P.C. of Springfield, and also various positions within the LEGO Group.
Rocky’s Ace Hardware, headquartered in Springfield, operates 33 stores in Massachusetts, Connecticut, New Hampshire, Rhode Island and Florida.