CHICAGO—Grainger, a supplier of maintenance, repair and operating products, has announced its intention to acquire the Fabory Group, a European distributor of fasteners and MRO products for a reported $344 million.

The agreement hinges on consultations with Works Councils representing Fabory employees in the Netherlands, Belgium and France.

The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2011.

Fabory is headquartered in Tilburg, the Netherlands and has annual sales of $300 million, 120,000 customers and more than 80,000 products in 14 countries. It employs 1,600 people.

Fabory provides supply chain fastener solutions to OEM customers in Europe, North America and China and through a joint venture in India.

Grainger says Fabory will continue as a separate business, maintaining the Fabory name and brand. Oswald van den Belt, CEO of Fabory Group, will continue in his position and report to Court Carruthers, senior vice-president of Grainger International.