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IDEAL Acquires Premier Tool Manufacturer SK Hand Tools

by Toolsource on August 25th, 2010
IDEAL Acquires Premier Tool Manufacturer
SK Hand Tools

— IDEAL expands its commitment to “Made In America” mission by keeping
manufacturing of iconic tool brand in the United States —

 

SYCAMORE, IL, August 17, 2010 — IDEAL INDUSTRIES, INC. announced today that it has entered into a definitive agreement to purchase certain assets of SK Hand Tools Corporation, one of America’s leading manufacturers of tools for the professional mechanic.

Doug Spitler, Vice President and General Manager of IDEAL’s Retail and Industrial Divisions, has been named to run the new company which will operate as a wholly-owned subsidiary of IDEAL:  “Acquiring SK Hand Tools will expand our focus on American-made quality, service and value. Loyal customers can count on the SK brand being re-energized under IDEAL ownership as the premier ‘Made in USA’ line of professional tools.”

This latest move follows IDEAL’s acquisition of American toolmakers Western Forge and Pratt Read earlier this year, and further demonstrates the company’s ongoing dedication to manufacturing in the United States. Although IDEAL is still formalizing plans, the company is committed to manufacturing all SK tools in the United States, either by integrating production into its existing plants or building a new, state-of-the-art facility. IDEAL plans to sell SK Hand Tools’ total portfolio of nearly 4000 tools under the SK® brand throughout the automotive and industrial channels of distribution.

Founded in 1921, Chicago-based SK Hand Tools is considered an icon by generations of mechanics. Its broad line of quality-made tools, including sockets, ratchets, hammers, and wrenches, have evolved over time to make them among the most precise and reliable on the market.

The asset sale is expected to be finalized on August 25, 2010 with IDEAL assuming no liabilities. SK had filed for bankruptcy protection on June 29, 2010.

For more information, contact IDEAL INDUSTRIES, INC., Becker Place, Sycamore, Illinois 60178. Or phone 1-800-435-0705, Fax: 1-800-533-4483.

 

ABOUT IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. has been serving the electrical industry since 1916. IDEAL is one of the world’s leading manufacturers of professional quality tools and supplies serving installation professionals in the construction, maintenance, data communications and original equipment manufacturing industries.

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©2010 IDEAL INDUSTRIES, INC.  All rights reserved.  All products and names mentioned are the property of their respective owners.  While IDEAL has made every effort at the time of publication to ensure the accuracy of the information provided herein, product specifications, configurations, prices, system/component/options availability are all subject to change without notice.
FOR IMMEDIATE RELEASE

 

Editorial Contacts:
Dan O’Connell
O’Connell Communications, Inc.
708-482-0212
dan@oconnellpr.com

Doug Spitler
IDEAL INDUSTRIES, INC.
800-435-0705
doug.spitler@idealindustries.com

 

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