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U.S. Industries purchases Woodings-Verona Tool Works for $6.2 million.

ISELIN, N.J. & LONDON--(BUSINESS WIRE)--January 16, 1997--U.S. Industries, Inc. (NYSE-USI) announced today that a unit of its Ames garden tool company has purchased the assets of Woodings- Verona Tool Works, Inc. for $5 million in cash plus the assumption of $1.2 million of debt.

Woodings-Verona, a privately-held company based in Verona, Pennsylvania, manufactures hot-forged heavy striking tools including sledge hammers, axes, bars, picks and railroad tools. The company has been in operation for 120 years and is a leader in its industry. Woodings-Verona's revenues for the fiscal year ended September 1996 were approximately $17 million.

David H. Clarke, Chairman and Chief Executive Officer of U.S. Industries, said, "This acquisition is consistent with our strategy to add branded product lines to our existing core businesses."

Rick E. Keup, President and Chief Executive Officer of Ames, stated, "Woodings-Verona is a respected name in its market segment and we look forward to building on that reputation."

Ames is the leading manufacturer and marketer in North America of non-powered lawn, garden and industrial hand tools and ladders for professional and residential use. The Ames companies sell their products under the brand names Ames, Eagle, Keller and Garant and their products include shovels and garden tools, snow shovels and pushers, shear tools, wheelbarrows, hose reels, ladders and other hand tools.

Woodings-Verona has manufacturing facilities in Falls City, Nebraska, and Columbiana, Ohio. It markets its products to major distributors and merchants, and through representatives to numerous hardware and industrial supply outlets throughout North America.

U.S. Industries is a diversified industrial management corporation with fiscal 1996 revenues of over $2.2 billion. Its companies include such well known businesses as Jacuzzi, Ames garden tools, Ertl toys, Rexair vacuum cleaners, Lighting Corporation of America, EJ Footwear, Garden State Tanning and Tommy Armour Golf.

CONTACT: Diana Burton, (908) 767-2255
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Publication:Business Wire
Date:Jan 16, 1997
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