Griffon Says Ames Buys Australia Garden And Tools Division Of ITW - Quick Facts

(RTTNews) - Griffon Corp. (GFF) announced that The Ames Companies Inc. acquired the Australia Garden and Tools division or "G&T" of Illinois Tool Works Inc. (ITW).

Headquartered in Melbourne, G&T offers a full range of quality garden and hand tool products sold under various leading brand names including Cyclone, Nylex and Trojan, designed to meet the requirements of both the Do-it-Yourself and professional trade segments.

The G&T purchase price approximated $36 million, financed through a combination of cash and local borrowings, and is subject to a final working capital adjustment.

The acquisition is expected to contribute approximately $65 million in annualized revenue and be accretive to Griffon in its current fiscal year.