(Updates with closing stock price in the last paragraph.)
Dec. 29 (Bloomberg) -- Lowe’s Cos., the world’s second- largest home improvement chain, bought ATG Stores to accelerate online sales of lighting, tools and furnishings.
ATG will operate as a Lowe’s unit and will remain based in Kirkland, Washington, Lowe’s said today in a statement. Financial terms weren’t disclosed.
Lowe’s will add ATG’s more than 500 websites as Chief Executive Officer Robert Niblock spends a record amount on technology in the fiscal year through January. The company, based in Mooresville, North Carolina, is doubling the number of lowes.com items to 260,000 and equipping employees with iPhones after trailing larger Home Depot Inc. in same-store sales.
ATG sells more than 3.5 million items online after starting its first website, LightingUniverse.com, in 1999, according to the statement. Karen Cobb, a Lowe’s spokeswoman, said the company won’t disclose ATG’s revenue.
Lowe’s rose 2.5 percent to $25.68 at the close in New York. The shares have gained 2.4 percent this year.
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