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Lowe's to buy Eagle Wire and staff reports NORTH WILKESBORO, N.C. -- Home-improvement store chain Lowe's Companies Inc. has announced it will purchase the Eagle Hardware & Garden chain in a $1 billion stock swap. Lowe's, the nation's second-largest do-it-yourself warehouse chain behind Home Depot, said buying the 32-store chain in nine western states will help hasten its expansion plans. Lowe's announced earlier this year it would open 100 stores in the region over the next three to four years. "This merger allows Lowe's to accelerate our West Coast expansion program and gives us an immediate presence in a number of key metropolitan markets in the West," said Bob Tillman, Lowe's chairman and chief executive officer. The proposed deal, which was announced late Sunday, was already approved by the board of directors of both companies and is expected to be completed during the first quarter of 1999, the two companies said. The deal isn't expected to have a real impact on established Eagle stores such as the one in Medford off Crater Lake Highway near Wal-Mart. "There'll be few changes," Lowe spokesman Brian Peace said. "The Eagle name is very strong in the Northwest. We intend to continue to grow that brand." Peace said the only physical change at the Medford store would likely be a new sign with Lowe's name added below Eagle's. The Eagle stores throughout the Northwest will continue to operate under that name, while new stores that Eagle had planned in California would be converted to Lowe's. Under the agreement, Lowe's will issue shares to Eagle's shareholders valued at $29 per Eagle share. Eagle, based in Renton, Wash., operates warehouse home improvement centers in Washington, Utah, Colorado, Hawaii, Alaska, California, Idaho, Montana and Oregon and employs more than 6,000. Today's Business Index Mail Tribune Copyright � The Mail Tribune 1998, Medford, Oregon USA