Port-Washington based Systemax to change name to Global Industrial Co.

Systemax Inc., which has reshaped its business in recent years, will change its name and stock ticker symbol effective June 21, the company announced Wednesday.

The corporation's new name, Global Industrial Company, will reflect its business as a provider of industrial products through e-commerce websites and other marketing channels.

The company's ticker symbol will change from SYX to GIC. Shares of Systemax fell 0.9% Wednesday to close at $34.40.

In January, Systemax subsidiary Global Industrial launched a marketing campaign with the tagline: "We can supply that."

"The Global Industrial name unifies our corporate operations under the brand our customers know and trust and aligns with our long-term strategic vision for the company," Barry Litwin, Systemax chief executive, said in a statement.

Litwin became the CEO of Port Washington-based Systemax in January 2019 after serving as the top executive at photography and electronics retailer Adorama Inc.

Systemax, formerly an electronics retailer through its CompUSA, Circuit City and TigerDirect brands, has shed that business to focus on its unit that sells industrial maintenance and repair products.

In 2018, Systemax agreed to sell its French technology distribution business to German systems integrator Bechtle AG.

The Miami-based TigerDirect subsidiary ran aground after Carl and Gilbert Fiorentino — the brothers who founded the unit and ran it — were sentenced to prison in connection with a bribery scheme in 2015.

The company now sells a wide variety of hardware, plumbing, metalworking, medical, laboratory and heating and ventilation products.

"The corporate name change is the final piece in the repositioning of the company around the Global Industrial business and one that allows us to move forward under a unified brand," Richard Leeds, executive chairman of Systemax, said in a statement.

In the quarter ended March 31, Systemax posted a 10.5% year-over-year sales increase to $251.1 million.

Net income per diluted share from continuing operations declined by a third to 14 cents.

Litwin attributed the lower net income to winter storms, "inflationary freight pressures" and a write down in the value of personal protective equipment held in inventory.

By Ken Schachter

kenneth.schachter@newsday.comkschach

Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.