LOWE’S chiefs have announced a new $1.3 billion deal in a move that’s designed to take on competitors such as Home Depot.
Execs have confirmed they’ve bought a new design company that specializes in products such as cabinets and worktops.
The deal is expected to go through in the coming months, according to the company.
Chiefs are buying the Artisan Design Group and bosses have hailed the move.
“The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion,” Lowe’s chief Marvin R. Ellison said.
Bosses are hoping that the takeover will boost Lowe’s Pro business element.
Lowe’s Pro is a subscription designed to help businesses.
Subscribers can calculate the costs of their materials, score bulk savings, and take advantage of fast delivery services.
Lowe’s Pro customers can also get their supplies in one place and can earn rewards for their purchases.
They can earn points, which can be converted into money or exclusive rewards.
If a shopper racks up 100 points, then it equates to a dollar in so-called Lowe’s Money.
Getty Lowe’s bosses have announced they are to buy a design company for $1.3 billion[/caption] Read More Details
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