True Value, ServiStar to Merge
Times Staff and Wire Reports
True Value Hardware and ServiStar Corp. said they plan to combine and create a company called TruServe Corp. that will have 10,500 stores and $4.6 billion in annual sales. The combination of the closely held firms is designed to help the companies better compete against industry leaders Home Depot Inc. and Lowe’s Co., as well as growing chains such as Sears Hardware, which recently bought Orchard Supply Hardware. Under the plan, Dan Cotter would become chairman and chief executive of TruServe and Paul Pentz would be president and chief operating officer of the company, which would be based in Chicago.
