NOTE 22 – SUBSEQUENT EVENTS

On January 4, 2008, pursuant to the Company’s accelerated share repurchase agreement (ASR), Goldman, Sachs & Co. (Goldman) informed the Company that it had completed its obligations under the agreement. As described in Note 13, final settlement of the agreement would be based on the volume weighted average price of the Company’s shares during the purchase period and the initial number of shares delivered. Accordingly, the Company received 415,274 shares of its common stock from Goldman as final settlement of the ASR. A total of 5,731,281 shares were repurchased under the ASR.

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NOTE 23 – SUBSEQUENT EVENTS

On January 31, 2006, Lab Safety, through a wholly owned subsidiary, acquired substantially all of the assets of Rand Materials Handling Equipment Co. (Rand). Rand is a national catalog distributor of warehouse, storage and packaging supplies, part of the $80 billion material handling market. The purchase price is expected to be approximately $14 million in cash and approximately $2 million in assumed liabilities. Any goodwill recognized in this transaction will be deductible for tax purposes. Rand had more than $16 million in sales in 2005.

On February 23, 2006 Acklands received a Notice of Purchase advising Acklands that Uni-Select Inc. was exercising its contractual option to purchase all of Acklands’ shares in the USI – AGI Prairies Inc. joint venture. The sale price will be determined by a formula included in the joint venture agreement and is projected to be approximately Canadian $29 million (U.S. $25.5 million). The transaction is expected to close on May 31, 2006 and to result in a small gain for the Company. The joint venture investment is reported in “Investments in Unconsolidated Entities” on the Company’s balance sheet, and the Company recognized U.S. $2.3 million in equity income from the joint venture in 2005.

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NOTE 26—SUBSEQUENT EVENTS

On January 7, 2005, Lab Safety, a wholly owned subsidiary of the Company, signed a definitive agreement to acquire substantially all of the assets and certain liabilities of AW Direct, Inc. (AW Direct). AW Direct is a direct marketer of products to the service vehicle accessories market. The acquisition subsequently closed on January 14, 2005. The final purchase price is expected to be approximately $25 million in cash and approximately $2 million in assumed liabilities. Any goodwill recognized in this transaction will be deductible for tax purposes.

AW Direct, with 2004 sales of more than $28 million, sells general towing and work truck equipment and accessories to customers in the auto service, utilities, government and construction markets. AW Direct will be operated as a wholly owned subsidiary of Lab Safety.

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