CHICAGO -- Grainger, a leading broad line supplier of maintenance, repair and operating products serving businesses and institutions, today announced it has divested its 49 percent stake in MRO Korea to affiliates of its former partner, SK Networks, for $12 million, resulting in a net gain of approximately $5 million. SK Group intends to transform the MRO Korea business model into a social enterprise, focused on job creation for the underprivileged.
"We have enjoyed a good working relationship with SK Networks since 2000 and we wish them continued success as they take the business in a new direction," said Court Carruthers, President, Grainger International. "We look forward to continuing to serve businesses in South Korea, including our multinational customers, through our export business."
Asia remains a key focus area for Grainger's international expansion efforts. The company operates several businesses in Asia including:-- Grainger China, a broad line MRO distributor serving customers through a catalog, website and branch network; -- Grainger India, a master distributor with more than 2,000 dealer relationships across the country; and -- A 53 percent interest in MonotaRO, providing small and mid-sized businesses in Japan access to more than one million MRO products through a catalog, website and distribution centers in Osaka and Sendai.
Additionally, Grainger serves customers throughout Asia via its export business and network of authorized resellers in key markets.