Lowe's Companies, Inc. Announces Acquisition Of ATG Stores
Lowe's Companies, Inc. (NYSE: LOW) announced today the acquisition of ATG Stores, a leading online retailer of home improvement and lifestyle products based in Kirkland, Wash.
- (1888PressRelease) January 10, 2012 - MOORESVILLE, N.C. - Lowe's Companies, Inc. (NYSE: LOW) announced today the acquisition of ATG Stores, a leading online retailer of home improvement and lifestyle products based in Kirkland, Wash. The acquisition underscores Lowe's commitment to providing an endless aisle of products.
The acquisition allows Lowe's and ATG Stores to capitalize on complementary strengths and employees' extensive expertise by sharing best practices for online marketing and merchandising. Utilizing ATG Stores' broad assortment of products and its strong online retailing operation is just another way Lowe's will deliver better customer experiences.
"The addition of ATG Stores is a strategic fit, providing more opportunities for Lowe's to be a relevant partner at every stage of the home improvement process and deliver better customer experiences from inspiration to planning to enjoyment," said Robert A. Niblock, Lowe's chairman, president and CEO. "ATG Stores is an extension of Lowe's commitment to providing consumers with flexibility, simplicity and value, whenever and wherever they choose to shop."
ATG Stores will remain an independent, wholly-owned subsidiary of Lowe's Companies, Inc. The two organizations will maintain separate branding and independent assortment planning and merchandising. All ATG jobs will remain in Kirkland, and no jobs will be lost as a result of the acquisition. By combining the expertise and capabilities of Lowe's and ATG Stores, each organization will experience growth through expanded assortments and broader customer insights which ultimately lead to better customer experiences.
"Lowe's commitment to consumers, innovation and long-term strategy, combined with our unique online product offering, presents a long-term opportunity for ATG Stores and Lowe's to grow in the multichannel space," said Gary Rubens, CEO of ATG Stores.
Terms of the purchase were not disclosed.
About Lowe's
With fiscal year 2010 sales of $48.8 billion, Lowe's Companies, Inc. is a FORTUNEŽ 50 company that serves approximately 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
About ATG
ATG was founded in 1999 with the launch of its first website, LightingUniverse.com. Since then, ATG has grown to more than 500 websites, featuring 18 growing category divisions, offering 3.5 million products from more than 3,300 name brand manufacturers.
Contacts:
Shareholders'/Analysts' Inquiries:
Tiffany Mason
704-758-2033
Media Inquiries:
Chris Ahearn
704-758-2304
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