Griffon Corp. announced last week that it has agreed to acquire Ames True Temper Inc. from Castle Harlan Partners IV (a fund of Castle Harlan Inc.), for $542 million. Ames True Temper, headquartered in Camp Hill, Pa., is a manufacturer and marketer of non-powered lawn and garden tools, wheelbarrows, and other outdoor work products to the retail and professional markets.
Ron Kramer, Griffon's CEO commented, "ATT [Ames True Temper] is the clear market leader in the outdoor work category, with superb brands, quality products, excellent customer relationships, and an outstanding management team. There are immediate growth opportunities for this business both in North America and around the world. ATT will provide significant initial value to our shareholders, as well as enhance our ability to grow for the long-term."
Read the full statement from Griffon Corp. here.
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