Business

Systemax, based in Port Washington, will change its name to Global Industrial Co.

Systemmax, which has been reorganizing its business in recent years, announced that it will change its company name and brand code on June 21st.

The new name of the corporation is Global Industrial Company, which reflects its business as a provider of industrial products through its e-commerce website and other marketing channels.

The company ticker symbol changes from SYX to GIC. Systemax’s share price rose 0.9% and closed on Tuesday at $ 34.71.

In January, Systemmax’s subsidiary Global Industrial launched a marketing campaign with the tagline “We can supply it.”

“The Global Industrial name integrates our operations under a brand that our customers know and trust, and our long-term strategy,” said Barry Ritwin, CEO of Systemax. Consistent with the vision.

After serving as CEO of Adorama Inc, a photo and electronics retailer, he became CEO of Port Washington-based Systemmax in January 2019.

Formerly an electronics retailer through the CompUSA, Circuit City and TigerDirect brands, Systemax has abandoned its business and focused on the division selling industrial maintenance and repair products.

In 2018, Systemax agreed to sell its French technology distribution business to German system integrator Bechtle AG.

The Miami-based subsidiary TigerDirect ran aground in 2015 after Karl and Gilbert Fiorentino, the brothers who founded and ran the unit, were sentenced to imprisonment in connection with a bribery program.

The company currently sells a variety of hardware, plumbing, metalworking, medical, laboratory, heating and ventilation products.

“The name change is the last part of a restructuring centered around the global industrial business and will enable us to move forward under a unified brand,” said Richard Leeds of Systemmax. The chairman said in a statement.

For the quarter ending March 31, Systemax sales were $ 251.1 million, up 10.5% from the previous year.

Diluted net income per share from continuing operations fell by a third to 14 cents.

Litwin attributed the decline in net income to winter storms, “freight inflationary pressures” and the devaluation of the value of personal protective equipment stored in inventory.

Systemax, based in Port Washington, will change its name to Global Industrial Co.

Source link Systemax, based in Port Washington, will change its name to Global Industrial Co.

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