Just two months after buying J&L Industrial Supply, Melville, NY-based maintenance, repair, and operations (MRO) supplier MSC Industrial Direct Co. has announced a restructuring of the management team.
J&L Industrial Supply president Michael Wessner will be leaving the Southfield, MI-based cataloger at the end of the current fiscal year; vice president of finance/purchasing Nicholas Darin and vice president of marketing Charles Moyer will be leaving J&L effective July 21. Their responsibilities will be transitioned to the executive management of the $1.10 billion MSC.
MSC president/CEO David Sandler said in a statement, “Mike, Nick and Chuck have successfully built J&L Industrial Supply into a first class business. We thank them for their valuable contributions and wish them well in their future endeavors.” In relation to the departure of these executives MSC will recognize a one-time, after-tax charge of approximately $1.2 million, or $0.02 per diluted share, in its fiscal 2006 fourth quarter financial results.
MSC acquired J&L in June from Latrobe, PA-based manufacturer/marketer Kennametal for $349.5 million. J&L, which had sales of $257.5 million last year, serves customers through its print catalog, a Website, and a 140-person sales team.