Global Industrial Company

Last updated
Global Industrial Company
FormerlySystemax
Company type Public [1]
NYSE:  GIC
Russell 2000 Component
IndustryIndustrial Supplies and MRO
Founded1949;75 years ago (1949)
Headquarters
Port Washington, New York
,
U.S.
Area served
Nationwide
Key people
  • Barry Litwin (CEO)
  • Tex Clark (CFO)
RevenueDecrease2.svg US$1.265 billion (2017) [2]
Divisions Industrial Products
Subsidiaries
  • Global Industrial
  • Nexel
  • Infotel
  • C&H Distributors
  • Avenue Industrial Supply Company
  • Indoff Incorporated
Website www.globalindustrial.com

Global Industrial Company, is a Port Washington, New York based company and is a provider of industrial and MRO (maintenance, repair, and operating supply) products through a system of branded e-Commerce websites and relationship marketers in North America. The primary brand is Global Industrial. [3]

Contents

The company was founded in 1949 as Global Equipment Company, a material handler. It first entered direct marketing in 1972 and began marketing computer equipment in 1981. The company changed its name to Global Direct-mail, in 1995 and to Systemax in 1999 and Global Industrial Company in 2021. [4]

Former Systemax logo Systemax Logo.png
Former Systemax logo

Subsidiaries and divisions

Subsidiaries and divisions of Systemax, Inc. include Global Industrial, Nexel, Infotel, C&H Distributors and Avenue Industrial Supply Company. [5] [6]

Acquisition of CompUSA

On January 6, 2008, Systemax Inc. announced an agreement on the acquisition of the Miami-based CompUSA brand, trademarks, and e-commerce business, and as many as 16 CompUSA retail outlets in Florida, Texas, and Puerto Rico. [7] The first new CompUSA store under Systemax ownership was opened in November 2009.

Acquisition of Circuit City trademarks and website

On May 13, 2009, Circuit City announced it would sell its intellectual property, including its trademarks, brand name, and internet domain, to Systemax for $14 million. [8] The deal took effect six days later. The defunct CircuitCity.com website was restored after the Systemax purchase.

In late December 2012, CompUSA and Circuit City were both consolidated into TigerDirect, [9] which Systemax sold to PCM, Inc. on December 1, 2015. [10]

Acquisition of WStore Europe

On September 18, 2009 Systemax announced the acquisition of WStore Europe, SA, a European supplier of business IT products with operations in France (Inmac WStore SAS and I-Com Software) and in the United Kingdom (WStore UK Limited). [11]

Acquisition of Misco Solutions (SCC Netherlands)

On June 12, 2014, Systemax announced the acquisition of SCC Services B.V., a supplier of business-to-business IT products and services with operations in the Netherlands. This subsidiary was renamed Misco Solutions. [12]

Acquisition of Plant Equipment Group (“PEG”)

On January 30, 2015, Systemax announced the acquisition of the Plant Equipment Group ("PEG"), a business-to-business direct marketer of maintenance, repair and operations ("MRO") products, from TAKKT America . PEG serves business customers within the North American MRO market. [13]

Sale of TigerDirect

On December 1, 2015, Systemax announced the sale of certain Business to Business assets of its North American Technology Group, including TigerDirect to PCM, Inc. [14]

Sale of German Operations to CANCOM SE

On July 25, 2016, Systemax announced the sale of its Misco Germany assets to CANCOM SE. [15]

Sale of European Technology Products Group Businesses

On March 27, 2017, Systemax announced the sale of all its European Technology Products Group Businesses, excluding their operations in France. [16]

Sale of French-based Information Technology Business

On September 4, 2018, Systemax announced it has closed the previously announced sale of its France-based IT business to Bechtle AG. [17]

On September 17, 2012, the U.S. Securities and Exchange Commission (SEC) charged a former director of Systemax Inc for fraudulently reaping hundreds of thousands of dollars in undisclosed compensation between January 2006 to December 2010. The SEC alleged that Gilbert Fiorentino, who in addition to serving on the board was the former chief executive of Systemax’s Technology Products Group in Miami, "obtained more than $400,000 in extra compensation directly from firms that conducted business with Systemax." The SEC also alleged Fiorentino of stealing "several hundred thousand dollars worth of company merchandise that was used to market Systemax’s products." Fiorentino failed to disclose his extra compensation and perks to Systemax or its auditors, so that the amounts reported to shareholders were understated. [18]

In April 2011, Systemax placed Fiorentino on administrative leave. On May 9, 2011, Fiorentino agreed to resign from all of his positions with Systemax, surrender stock and stock options valued at approximately $9.1 million, and repay his 2010 annual bonus of $480,000. With Fiorentino's departure, Robert Leeds, Systemax's founding CEO of the technology division, took over as CEO of Systemax's technology products group. [18] [19]

Fiorentino agreed to settle the SEC charges by paying a $65,000 fine and consenting to a permanent bar from serving as an officer or director of any publicly held company. [18]

On December 3, 2014, Gilbert and Carl Fiorentino pleaded guilty for their participation in a bribery scheme, after it was found that between during his employment, Carl had received over $7 million in kickbacks from suppliers he had entered into agreements with Systemax, and obscured his participation in these agreements to Systemax. Gilbert was also charged with conspiracy to commit securities fraud and impeding the operation of the IRS. [20] [21]

Restatement

On February 21, 2005, the company restated financial results for each of the first three quarters of 2004 and the year ended Dec. 31, 2003, following the discovery of certain inventory accounting errors at the company's British unit. [22] On May 11, 2005, the company restated its results for the year 2004, following the discovery of errors in accounting for inventory at its Tiger Direct Inc. unit, an online retailer. [23]

See also

Related Research Articles

CompUSA, Inc., was a retailer and reseller of personal computers, consumer electronics, technology products and computer services. Starting with one brick-and-mortar store in 1986 under the name Soft Warehouse, by the 1990s CompUSA had grown into a nationwide big box chain. At its peak, it operated at least 229 locations. Crushed by competition from other brick-and-mortar retailers, corporate oversight which was out of touch with evolving market realities, and a failure to make a strong transition to online sales, CompUSA began closing what they classified as "low performing" locations in 2006. By 2008 only 16 locations were left to be sold to Systemax. In 2012, remaining CompUSA and Circuit City stores were converted to TigerDirect stores, and later closed. As of 2023, the CompUSA online website redirects to an error page hosted on Wix.com.

<span class="mw-page-title-main">Circuit City</span> Consumer electronics retailer

Circuit City Corporation, Inc., formerly Circuit City Stores, Inc., was an American consumer electronics retail company, which was founded in 1949 by Samuel Wurtzel as the Wards Company, operated stores across the United States, and pioneered the electronics superstore format in the 1970s. After multiple purchases and a successful run on the NYSE, it changed its name to Circuit City Stores Inc.

<span class="mw-page-title-main">WESCO International</span> Holding company

WESCO International, Inc. is an American publicly traded Fortune 500 holding company for WESCO Distribution, a multinational electrical distribution and services company based in Pittsburgh, Pennsylvania.

<span class="mw-page-title-main">TigerDirect</span> Consumer Electronics Retailer

TigerDirect was an El Segundo, California-based online retailer dealing in electronics, computers, and computer components. The company was previously owned by Systemax, which is known for its acquisitions of the intellectual property of the defunct U.S. retail chains Circuit City and CompUSA and relaunching them as online retailers. The two brands were subsequently shuttered in late-December 2012 and consolidated into the TigerDirect site.

<span class="mw-page-title-main">Signature Aviation</span> British aviation services company

Signature Aviation is a multinational aviation services company headquartered in Orlando, Florida. The company was founded as W. Wilson Cobbett Ltd in 1879 and subsequently specialised in the manufacture of industrial supplies, particularly in the automotive and aviation sectors. During the Second World War, the company produced materials for British military aircraft, such as the Supermarine Spitfire, Hawker Hurricane, and Hawker Typhoon. During the 1980s and 1990s, the firm decided to increasingly orientate itself towards the aviation industry via a string of acquisitions and divestitures. It was listed on the London Stock Exchange until it was acquired by Cascade Investment, Blackstone Group, and private equity firm Global Infrastructure Partners in May 2021.

Maxim Integrated, a subsidiary of Analog Devices, designs, manufactures, and sells analog and mixed-signal integrated circuits for the automotive, industrial, communications, consumer, and computing markets. Maxim's product portfolio includes power and battery management ICs, sensors, analog ICs, interface ICs, communications solutions, digital ICs, embedded security, and microcontrollers. The company is headquartered in San Jose, California, and has design centers, manufacturing facilities, and sales offices worldwide.

<span class="mw-page-title-main">Essendant</span> American office supply distributor

Essendant, formerly known as United Stationers, is a national wholesale distributor of office supplies, with consolidated net sales of $5.3 billion. Essendant stocks over 160,000 items, including traditional office products, office furniture, janitorial and break room supplies, and technology products. Essendant is headquartered in Deerfield, Illinois, and also has operations in Dubai, United Arab Emirates (UAE).

<span class="mw-page-title-main">Delek US</span> Independent refiner and marketer of petroleum products

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing headquartered in Brentwood, Tennessee.

<span class="mw-page-title-main">Sierra Wireless</span> Canadian wireless communications company

Sierra Wireless is a Canadian multinational wireless communications equipment designer, manufacturer and services provider headquartered in Richmond, British Columbia, Canada. It also maintains offices and operations in the United States, Korea, Japan, Taiwan, India, France, Australia and New Zealand.

<span class="mw-page-title-main">Integrated Micro-Electronics, Inc.</span>

Integrated Micro-electronics, Inc. provides electronics manufacturing services (EMS) and power semiconductor assembly and test services (SATS) with manufacturing facilities in Asia, Europe, and North America. Its headquarters is located in Biñan, Laguna.

ON Semiconductor Corporation is an American semiconductor supplier company, based in Scottsdale, Arizona. Products include power and signal management, logic, discrete, and custom devices for automotive, communications, computing, consumer, industrial, LED lighting, medical, military/aerospace and power applications. onsemi runs a network of manufacturing facilities, sales offices and design centers in North America, Europe, and the Asia Pacific regions. Based on its 2016 revenues of $3.907 billion, onsemi ranked among the worldwide top 20 semiconductor sales leaders, and was ranked No. 483 on the 2022 Fortune 500 based on its 2021 sales.

<span class="mw-page-title-main">Teledyne FLIR</span> U.S. technology company

Teledyne FLIR LLC, formerly FLIR Systems Inc,, a subsidiary of Teledyne Technologies, specializes in the design and production of thermal imaging cameras and sensors. Its main customers are governments and in 2020, approximately 31% of its revenues were from the federal government of the United States and its agencies.

<span class="mw-page-title-main">Littelfuse</span> American electronic manufacturing company

Littelfuse, Inc is an American electronic manufacturing company headquartered in Chicago, Illinois. The company primarily produces circuit protection products but also manufactures a variety of electronic switches and automotive sensors. Littelfuse was founded in 1927. In addition to its Chicago, Illinois, world headquarters, Littelfuse has more than 40 sales, distribution, manufacturing and engineering facilities in the Americas, Europe and Asia.

<span class="mw-page-title-main">The Home Depot Pro</span> U.S. wholesale distributor

The Home Depot Pro, headquartered in Jacksonville, Florida, is a wholesale distributor and direct marketer of maintenance, repair and operations (MRO) products for non-industrial businesses in the United States. The Home Depot Pro distributes products such as HVAC, janitorial supplies, plumbing supplies, and security supplies.

<span class="mw-page-title-main">PCM, Inc.</span>

PCM, Inc. was a direct marketing company that offered technology products and services. The company was based in El Segundo, California. The company merged with Insight Enterprises on August 26, 2019. PCM was founded in 1987 as a direct market catalog via telemarketing, the Internet, direct marketing, print catalogs, and three retail showrooms.

Microsemi Corporation was an Aliso Viejo, California-based provider of semiconductor and system solutions for aerospace & defense, communications, data center and industrial markets.

Misco Technologies Limited is an online retailer based in the United Kingdom. It was formerly an IT brand whose ownership was split between Hilco Capital Limited and Systemax. Misco also operated in Germany until their German operations were sold to CANCOM SE in July 2016.

Huron Consulting Group, commonly known as Huron, is a management consulting firm offering services to the healthcare, life sciences, commercial, and higher education industries.

Global Industrial is a business unit of Systemax Inc, a Fortune 1000 company, listed on the New York Stock Exchange as NYSE: GIC. Global Industrial is incorporated in New York as Global Equipment Company Inc., and conducts business under the names Global Industrial, Global Industrial Equipment, Globalindustrial.ca and GlobalIndustrial.com. The company sells industrial products and office supplies through direct to business channels with headquarters in Port Washington, New York.

<span class="mw-page-title-main">AerSale</span> Aviation Company

AerSale, Inc. is a Coral Gables, Florida-based global supplier of aftermarket commercial jet aircraft, engines, Original Equipment Manufacturer (OEM) used serviceable material, maintenance, repair and overhaul (MRO), and aeronautical engineering services to passenger and cargo airlines, government entities, leasing companies, multinational OEMs, and independent MROs.

References

  1. ↑ "Systemax - Press". Archived from the original on February 25, 2008. Retrieved April 26, 2008.
  2. ↑ "Systemax Reports Fourth Quarter 2017 Financial Results" . Retrieved 2016-11-13.
  3. ↑ "Systemax Closes Sale Of France Operations".
  4. ↑ "Systemax to Change its Name to Global Industrial Company" (Press release). Accesswire. June 9, 2021. Retrieved August 23, 2021.
  5. ↑ "Systemax". Archived from the original on May 16, 2008. Retrieved April 26, 2008.
  6. ↑ "Systemax, Inc. - Annual Report". syx.client.shareholder.com. Retrieved 2016-12-11.
  7. ↑ "Systemax Announces Definitive Agreement to Acquire Selected Assets and Retail Stores from CompUSA". Systemax. 6 January 2008. Retrieved 16 December 2009.
  8. ↑ "Systemax Inc. Signs Stalking Horse Purchase Agreement for Circuit City E-Commerce Business (NYSE:SYX)". Syx.client.shareholder.com. 2009-04-13. Retrieved 2016-04-28.
  9. ↑ "Systemax to Cut Circuit City, CompUSA Brands, Exit PC Manufacturing". Archived from the original on November 5, 2013. Retrieved November 5, 2013.
  10. ↑ "Systemax Closes on Transaction to Divest Certain Assets of North American Technology Group to PCM" . Retrieved 2016-12-11.
  11. ↑ "Systemax Completes Acquisition of European Business IT Supplier" . Retrieved 2016-12-11.
  12. ↑ "Systemax Completes Acquisition of Business-to-Business IT Supplier SCC Services B.V." Retrieved 2016-12-11.
  13. ↑ "Systemax's Global Industrial Business Completes Acquisition of North American Business-to-Business MRO Supplier" . Retrieved 2016-12-11.
  14. ↑ "Systemax Closes on Transaction to Divest Certain Assets of North American Technology Group to PCM" . Retrieved 2016-12-20.
  15. ↑ "Systemax Announces Sale Of German Operations To CANCOM SE" . Retrieved 2016-12-20.
  16. ↑ "Systemax Further Streamlines Operations To Increase Focus On Its Profitable North American Industrial Products And France IT Businesses" (Press release). PR Newswire. 2017-03-27. Retrieved 2021-08-23.
  17. ↑ Inc., Systemax. "Systemax Closes Sale Of France Operations". www.prnewswire.com. Retrieved 2018-11-13.{{cite web}}: |last= has generic name (help)
  18. 1 2 3 "SEC Charges Former Systemax Director in Compensation Scheme". U.S. Securities and Exchange Commission. Retrieved 2013-07-22.
  19. ↑ "Systemax exec resigns, must hand over $11 million". CNET. Retrieved 2013-07-22.
  20. ↑ "Former TigerDirect President Indicted in $230 Million Laundering Scheme". The Wall Street Journal. Retrieved 29 December 2015.
  21. ↑ "Former TigerDirect executives plead guilty to fraud". South Florida Business Journal. Retrieved 29 December 2015.
  22. ↑ Joseph F. Kovar (22 February 2005). "Systemax To Restate Earnings - Page: 1". CRN.com. Retrieved 2016-04-28.
  23. ↑ "Systemax Announces Intent to Restate 2004 Results". Businesswire.com. Retrieved 2016-04-28.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.