Aug 11 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. Westmix's 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.
Source: http://www.ames.com/