Electrical distributor Anixter International Inc., (NYSE: AXE), Glenview, IL, agreed to sell its OEM supply – fasteners segment to American Industrial Partners for $380 million. The transaction is expected to close during the second quarter of 2015.

The fasteners business includes 73 distribution centers, 12 quality labs and more than 1,900 employees worldwide. Headquarters will remain in Glenview, IL and the company will continue to be led by its current management team, with Ian Clarke assuming the role of president and CEO of the new company. The name of the new company will be announced upon closing.

American Industrial Partners has also offered to acquire the portion of the fasteners business in France that has historically supported fasteners’ global business.