The Collins Companies Acquires Washburn‐Garfield Corp.

The deal also includes abrasives and cutting tools subsidiary Waites Company.

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The Collins Companies

EAST WINDSOR, Conn. — The Collins Companies, a leading distributor of industrial pipe, valves, fittings and engineered products and services, announced an agreement to acquire Washburn‐Garfield Corporation, a prominent supplier of industrial and commercial pipe, valves and fittings in Worcester, Massachusetts, as well as subsidiary Waites Company Inc., a well‐known distributor of abrasives and cutting tools.

These two strategic acquisitions represent the ninth and tenth expansions of the Collins Companies' footprint in the last 15 years and reinforce its commitment to always providing exceptional products and services to all of their current and “new” customers in the New England and upstate New York markets.

The acquisition of Washburn‐Garfield and Waites brings together two industry leaders, combining their strengths and expertise to create a stronger and more comprehensive offering to all of their customers.

“This acquisition, above any other, just makes sense for both of us," said Brian Tuohey, CEO of the Collins Companies, “We have really been friends, not competitors, for the last 30-plus years and this acquisition now gives us a greater presence in a market that is adjacent to us in Central Massachusetts. Furthermore, it is very important to us that we choose new partners where our company culture and values closely align and the majority of the WG and Waites teams have worked together for over 20 years and that level of longevity and commitment exactly mirrors that of our team here at Collins”

"Washburn‐Garfield and Waites have built a stellar reputation in their industries for over a century," said Dave Smith, WG and Waites CEO. "Our commitment to excellence through a customer‐centric approach, and extensive product knowledge aligns perfectly with both companies’ core values. Our Washburn and Waites teams are thrilled to become the newest member of the Collins family."

In 2008, then-Washburn CEO Richard O’Hearn sold the companies to an Employee Stock Ownership Plan, which now owns all of Washburn's stock. Completion of the transaction, which is subject to a shareholder vote by participants in Washburn's ESOP, is currently expected to take place by month's end.

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