Waxie Teams With North American and FEMSA

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) has entered into definitive agreements with the shareholders of  Waxie Sanitary Supply and North American Corp. to form a new platform within the jansan, packaging, and specialized distribution industry in the United States.

Per the terms of the agreement, FEMSA will have a majority controlling interest in the combined company based on its US$900 million initial investment. Each company will maintain its current management teams, with Charles Wax of Waxie and John Miller of North American now serving as co-CEOs of the new enterprise. The transaction is subject to customary regulatory approvals and is expected to close during the first quarter of 2020.