The Toro Company Announces The Sale Of Its Australia-Based Residential Pope Products Business; Financial Terms Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
The Toro Company (NYSE:TTC) has sold its Australia-based residential Pope Products business to Griffon Corporation's (NYSE:GFF) subsidiary, The AMES Companies, Inc. The acquisition is expected to add $25 million in annualized revenue and be accretive to Griffon's earnings in the first full year of ownership. Financial terms were not disclosed.
July 01, 2024 | 12:32 pm
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The Toro Company has sold its Australia-based residential Pope Products business to Griffon Corporation's subsidiary, AMES. This divestiture may allow Toro to focus on its core operations.
The sale of the Pope Products business allows Toro to streamline its operations and potentially focus on more profitable or strategic areas. However, the financial terms were not disclosed, making it difficult to assess the immediate financial impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Griffon Corporation's subsidiary, AMES, has acquired Pope Products from The Toro Company. The acquisition is expected to add $25 million in annualized revenue and be accretive to Griffon's earnings in the first full year.
The acquisition of Pope Products is expected to significantly boost Griffon's revenue and earnings. This is a strategic expansion for AMES in the Australian market, enhancing its product portfolio.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 100