Griffon Corp. (NYSE: GFF) subsidiary the Ames Companies Inc. has acquired a division of Illinois Tool Works Inc. (NYSE: ITW) for $36 million.
Ames is picking up the Australia garden and tools division, headquartered in Melbourne. The group supplies garden and hand tool products under the brand names Cyclone, Nylex and Trojan.
The buyer already owns the Northcote, Kelso and Westmix lawn and garden brands.
Griffon is a holding company that operates through subsidiaries. The company consists of a home and building products unit, which includes Ames and Clopay Building Products Co. Inc., as well a Telephonics Corp. and Clopay Plastic Products Co. Inc.
This is not the first divestment for seller Illinois Tool, which agreed to sell its industrial-packaging business to the Carlyle Group LP(Nasdaq: CG) in February. The company also sold CCI Corp. to TruckPro LLC in August.
In July, the company bought Gold Pattern Holdings, the owner of a company that makes kitchen equipment.