SAN DIEGO, Sept. 4, 2014 /PRNewswire/ -- WD-40 Company (NASDAQ:WDFC) announced today that it has completed the acquisition of the business and assets of GT85 Limited, a company located in the United Kingdom ("U.K.") which markets and sells the GT85 and SG85 brands of multi-purpose maintenance products.
"This acquisition, which includes the GT85 and SG85 brands, complements our multi-purpose maintenance products and will help us to build upon our strategy to develop new product categories for our WD-40® Specialist and WD-40 BIKE lines," said Garry Ridge, president and chief executive officer of WD-40 Company. "In addition, GT85 and WD-40 BIKE share a similar base of end-users who trust and respect both brands."
The GT85 products are currently sold primarily in the U.K., with additional sales in foreign markets including Spain, the United States, Australia and other European countries. The Company's initial plans are to develop the GT85 brand further in the U.K.
The purchase of the GT85 Limited business is being made by the Company's U.K. subsidiary, WD-40 Company Limited, and will be paid in cash. The financial terms and conditions of the acquisition are not being disclosed because the acquisition is not significant to the Company's consolidated financial statements.
About WD-40 Company
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products which solve problems in workshops, factories and homes around the world. The company markets its multi-purpose and specialty maintenance products and its homecare and cleaning products under the following well-known brands: WD-40®, 3-IN-ONE®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®.
Headquartered in San Diego, WD-40 Company currently markets its products in 188 countries worldwide and recorded net sales of $368.5 million in fiscal year 2013. WD-40 Company is traded on the NASDAQ Global Select market under the ticker symbol "WDFC." For additional information about WD-40 Company please visit http://www.wd40company.com.
Forward-Looking Statements
Except for the historical information contained herein, this release contains forward-looking statements that involve risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. These statements are based on an assessment of a variety of factors, contingencies and uncertainties considered relevant by WD-40 Company. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the company's expectations, beliefs or projections will be achieved or accomplished.
The risks and uncertainties are detailed from time to time in reports filed by WD-40 Company with the Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q, and 10-K, and readers are urged to carefully review these and other documents.
All forward-looking statements included in this press release should be considered in the context of these risks. All forward-looking statements speak only as of September 4, 2014, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.
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