Boca Raton, FL, Mar. 31--Q.E.P. Co., Inc. today announced that it has acquired Crestwin Trade Supplies Pty, Ltd., an Australian distributor of flooring tools with sales of approximately $5 million in 2003.
Crestwin sells a broad array of flooring tool products primarily to the professional trade. Terms of the acquisition were not disclosed, although the acquisition is expected to be accretive to earnings in fiscal 2005.
Commenting on the acquisition, Lewis Gould, Chairman and Chief Executive Officer of Q.E.P. Co., Inc. said: "The acquisition of Crestwin increases our distribution network and market penetration in Australia. Further, this acquisition broadens our sales mix between domestic and international business."
