SYCAMORE,
Ill. and MCCOOK, Ill. — IDEAL Industries Inc. announced Aug. 23 that it
has entered into a definitive agreement to purchase certain assets of
SK Hand Tools Corp., one of America’s leading manufacturers of tools
for professional technicians.
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,” Spitler said. “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 tool makers 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 says it is
committed to manufacturing SK tools in the United States, either by
integrating production into its existing plants or building a new,
state-of-the-art facility. IDEAL will announce details of its
manufacturing plans for SK within 30 days after the sale closes.