Ames True Temper acquires Westmix
Camp Hill, Pa.-based Ames True Temper announced Ames True Temper Australia has acquired certain assets of West Barrows Mix, also known as Westmix, for $12.7 million.
Westmix is one of Australia’s largest manufacturers of building and construction products such as cement mixers, wheelbarrows and hand trolleys.
The purchase included trade receivables, inventory, trade names and manufacturing assets. Ames has also 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 of 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.”
In July, Castle Harlan Partners IV, entered into a definitive agreement to sell Ames True Temper to Griffon Corp. for $542 million. That deal is still currently under review, and is expected to be finalized Sept. 30.
Armstrong reports mixed results for Q2
Lancaster, Pa.-based floor, cabinet and ceiling manufacturer Armstrong World Industries reported second-quarter income of $26.8 million, down 5.3% from the $28.3 million reported for the same period last year.
Sales for the three-month period ended June 30 were $724.8 million, up 2.7% from $705.7 million reported last year. The company said excluding a $6 million impact of foreign exchange rates, sales increased 2%.
By segment, resilient flooring net sales were $276.0 million, up 2% from $270.3 million in the same period of 2009.
Wood flooring sales of $127.2 million in the second quarter were flat compared with $127.8 million in the prior year’s quarter.
Building products sales were $284.4 million, up 5.8% from $268.7 million in the prior year’s quarter.
Cabinet sales were $37.2 million, down 4% from $38.9 million in 2009.
Looking forward, the company expects 2010 sales to be between $2.7 billion and $2.8 billion. Adjusted operating income forecasted range has improved to between $170 million and $190 million, compared with $157 million in 2009.
Scam artist preys on home improvement shoppers
A man claiming he needs money to buys tools because he’s locked out of his car has victimized several elderly citizens outside Lowe’s and Home Depot stores in Glen Burnie, Md., according to an article in the Maryland Gazette.
County police have counted three incidents since June where the suspect, Robert Warren Bayly Jr., has conned victims out of money ranging from $35 to $128 after approaching them in the parking lot and explaining how he locked his wallet and keys inside his vehicle.
On two occasions, Baylay also asked to be driven to multiple locations in an effort to retrieve tools or assistance to open his car, further fleecing his victims along the way. Eventually, he just disappeared.
The suspect is being charged with theft by deception, trespassing, theft under $1,000, theft scheme under $1,000 and obtaining property of a vulnerable adult under $500. Officials with the county sheriff’s office said he was still at large as of July 28.