HBSDealer Stock Watch: Big Drop for SHLD
Gainers and decliners were evenly represented on the Stock Watch Monday, with SHLD and LL heading in the wrong direction – down 9.9% and 3.3%, respectively. On the positive side, TREX was up 2.7%.
Ames Companies adds brand to its mix
The AMES Companies has welcomed a new brand into its family of long-handled tools. The company’s parent, Griffon Corp., acquired Harper Brush Works.
The acquisition will broaden AMES’ long-handle tool offering in North America to include brooms, brushes, and other cleaning tools and accessories.
The purchase price for Harper was approximately $5 million. The acquisition is expected to contribute approximately $10 million in annualized revenue and be immediately accretive to Griffon’s earnings in its first full year of operations.
AMES brands already include AMES, Razor-Back, True Temper and Jackson.
Harper, a U.S. manufacturer of cleaning products for professional, home, and industrial use, was a division of Horizon Global.
Griffon currently conducts its operations through three reportable segments:
AMES, founded in 1774, is the leading U.S. manufacturer and a global provider of long-handled tools and landscaping products for homeowners and professionals.