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8-K - FORM 8-K - Ames True Temper, Inc. | y03813e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Media Contact:
David Nuti
Chief Financial Officer
717-730-2933
investor@amestruetemper.com
David Nuti
Chief Financial Officer
717-730-2933
investor@amestruetemper.com
AMES TRUE TEMPER ACQUIRES ASSETS OF WEST BARROWS MIX IN AUSTRALIA
Acquisition bolsters global growth strategy
CAMP HILL, PA, August 9, 2010 Ames True Temper, Inc., (ATT) a leading manufacturer of
non-powered lawn and garden tools, announced today that Ames True Temper Australia Pty Ltd. (ATT
Australia), a wholly-owned subsidiary of ATT, has completed its acquisition of certain assets of
West Barrows Mix Pty Ltd. (Westmix), an Australia-based manufacturer and leading supplier of
quality products for the hardware industry, for approximately US$12.7 million. The acquired assets
include trade receivables, inventory, trade names and manufacturing assets. In addition, ATT has
assumed the leases to five facilities offering manufacturing and distribution infrastructure across
Australia.
We are pleased to add great brands, such as Westmix and Kelso, to our product offering in
Australia, said Duane Greenly, president and CEO, Ames True Temper. In addition we have acquired
a broad range of quality products and country-wide distribution capabilities that significantly
enhance our business base in Australia. The acquisition of these assets supports our strategy to
further enhance our diverse product offerings to grow our top line sales globally and to provide
bottom line value to our shareholders.
Westmix manufactured wheelbarrows, cement mixers, hand trolleys, compactors and bricksaws prior to
the closing of the transaction. ATT Australia will use the acquired assets to manufacture such
products. Westmixs net sales for the most recent twelve months ended June 30, 2010 exceeded US$16
million. ATT Australia will be headquartered in Perth, Western Australia with operations in
Queensland, New South Wales, Victoria and South Australia.
About Ames True Temper®
Ames True Temper is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. Headquartered in Camp Hill, Pennsylvania (near Harrisburg), the company manufactures and markets a wide variety of long-handled tools, wheelbarrows, pruning tools, garden hoses and hose reels, striking tools, snow tools, planters and lawn accessories. Ames True Temper brands are among the most recognized across their primary product categories. Its brand portfolio includes True Temper®, Ames®, UnionTools®, Garant®, Hound Dog®, Dynamic Design®, as well as the commercial offerings under the Jackson® and Razor-Back® Professional Tool brands.
Ames True Temper is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. Headquartered in Camp Hill, Pennsylvania (near Harrisburg), the company manufactures and markets a wide variety of long-handled tools, wheelbarrows, pruning tools, garden hoses and hose reels, striking tools, snow tools, planters and lawn accessories. Ames True Temper brands are among the most recognized across their primary product categories. Its brand portfolio includes True Temper®, Ames®, UnionTools®, Garant®, Hound Dog®, Dynamic Design®, as well as the commercial offerings under the Jackson® and Razor-Back® Professional Tool brands.
On July 19, 2010, Castle Harlan Partners IV, a fund of Castle Harlan, Inc., entered into a
definitive agreement to sell Ames True Temper to Griffon Corporation (Griffon) (NYSE:GFF)
for $542 million. Completion of the acquisition is conditioned on the satisfaction of customary
closing conditions and is expected to be finalized by September 30th.
About Westmix
Westmix is Australias leading manufacturer of quality products for the building and construction industries. Specializing in cement mixers, wheelbarrows and hand trolleys, Westmix has grown significantly since 1972 when the company was founded by Michael Cantone.
Westmix is Australias leading manufacturer of quality products for the building and construction industries. Specializing in cement mixers, wheelbarrows and hand trolleys, Westmix has grown significantly since 1972 when the company was founded by Michael Cantone.
Cautionary Statement Regarding Forward-Looking Statements
Certain information provided herein may include forward-looking statements. You can identify
these statements by the fact that they do not relate strictly to historical or current facts. These
statements contain forward-looking statements that involve numerous risks and uncertainties. The
statements contained in this communication that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act of 1934, as amended. All forward-looking statements included in this
communication are based on information available to ATT on the date hereof. In some cases, you can
identify forward-looking statements by terminology such as may, can, will, should, could,
expects, plans, anticipates, intends, believes, estimates, predicts, potential,
targets, goals, projects, outlook, continue, preliminary, guidance, or variations of
such words, similar expressions, or the negative of these terms or other comparable terminology. No
assurance can be given that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what impact they will have on our results of
operations or financial condition. Accordingly, actual results may differ materially and adversely
from those expressed in any forward-looking statements. Neither ATT nor any other person can assume
responsibility for the accuracy and completeness of forward-looking statements. There are various
important factors that could cause actual results to differ materially from those in any such
forward-looking statements, many of which are beyond ATTs control. These factors include ATTs
ability to successfully integrate the acquired assets with ATTs assets and operations and other
uncertainties associated with integrating a business following an acquisition. ATT undertakes no
obligation (and expressly disclaims any such obligation) to publicly update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
For additional information please refer to ATTs most recent Form 10-K, 10-Q and 8-K reports filed
with the SEC.
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