Ideal Industries last week announced that it has entered into a definitive agreement to purchase certain assets of SK Hand Tools Corp., a leading manufacturer 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,” said Spitler. “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 acquisitions 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.
Founded in 1921, Chicago-based SK Hand Tools offers a broad line of quality-made tools, including sockets, ratchets, hammers, and wrenches. Ideal intends to sell SK Hand Tools' portfolio of nearly 4,000 tools under the SK brand throughout the automotive and industrial channels of distribution.
The asset sale was finalized on Aug. 25, with Ideal assuming no liabilities. SK filed for bankruptcy protection on June 29.
Headquartered in Sycamore, Ill., Ideal Industries manufacturers professional quality tools and supplies serving installation professionals in the construction, maintenance, data communications and original equipment manufacturing industries.