Systemax Inc., which has reshaped its business in recent years, will change its name and ticker symbol effective June 21, the company said on Wednesday.
The company’s new name, Global Industrial Company, will reflect its activity as a supplier of industrial products through e-commerce websites and other marketing channels.
The company’s ticker symbol will change from SYX to GIC. Systemax shares rose 0.9% to close at $ 34.71 on Tuesday.
In January, Global Industrial, a subsidiary of Systemax, launched a marketing campaign with the slogan: âWe can deliver this.
âThe name Global Industrial unifies our business operations under the brand our customers know and trust and aligns with our long-term strategic vision for the company,â said Barry Litwin, Managing Director of Systemax , in a press release.
Litwin became CEO of Port Washington-based Systemax in January 2019 after serving as a senior executive at photography and electronics retailer Adorama Inc.
Systemax, formerly an electronics retailer through its CompUSA, Circuit City and TigerDirect brands, has abandoned this business to focus on its unit which sells industrial maintenance and repair products.
In 2018, Systemax agreed to sell its French technology distribution business to German systems integrator Bechtle AG.
Miami-based subsidiary TigerDirect ran aground after Carl and Gilbert Fiorentino – the brothers who founded the unit and led it – were sentenced to jail as part of a bribery program in 2015 .
The company now sells a wide variety of hardware, plumbing, metallurgy, medicine, laboratory, heating and ventilation products.
âThe corporate name change is the final step in repositioning the company around global industrial activity and allows us to move forward under a unified brand,â said Richard Leeds, Executive Chairman of Systemax, in a statement.
During the quarter ended March 31, Systemax recorded a 10.5% year-over-year increase in sales to $ 251.1 million.
Diluted net earnings per share from continuing operations decreased by a third to 14 cents.
Litwin attributed the decline in net income to winter storms, “freight inflationary pressures” and a depreciation in the value of personal protective equipment held in inventory.