It seems that last month’s rumors were true – Ideal Industries has sold the SK Hand Tools brand to Hangzhou GreatStar Industrial.
SK Hand Tools joins a growing number of tool brands in GreatStar’s portfolio, including Goldblatt, Arrow, Pony, Jorgensen, WorkPro, and Shop-Vac.
Here’s the official announcement, dated July 2021:
We are pleased to announce that Hangzhou GreatStar Industrial Co., Ltd. has completed its acquisition of SK Hand Tools. We are excited to build on our foundation and gain all of the proprietary SK patents and designs to help us provide diverse products and new opportunities to our valued customers.
Founded in 1914, SK is a leading provider of high-quality hand tools for professionals across a variety of industries. Operating in its 128,000 sq. ft. production facility outside of Chicago, the company offers a premium product portfolio that includes wrenches, ratchets, impact driving tools, sockets, screwdrivers, etc., and a variety of automotive-specific hand tools. One of the featured best sellers is the X-Frame Ratcheting wrench which is designed to apply torque in the tightest spaces.
Supported by its patented products and valuable technologies, SK has been able to build strong lasting relationships with its customers across various markets, such as industrial supply, automotive repair, and hardware repair.
Combining all of our patents, technologies, and resources will allow Great Star and SK to deliver the best innovative and professional products to our customers on a daily basis.
About Hangzhou GreatStar Industrial Co., Ltd.
Established in 1993, GreatStar is the leading manufacturer of hand tools in Asia serving DIY, professional, and industrial markets worldwide. GreatStar also manufactures a full range of specialty tools for drywall, masonry, painting, tiling, plumbing, and automotive applications as well as power tools, tool sets, and flashlights. GreatStar’s culture of innovation, firm commitment to R&D and extensive customer insight ensure their leading brands and high-quality products meet the specific needs of the consumers and professionals they serve.
This is the second brand to leave Ideal Industries in recent years, with the company closing its Western Forge brand in early 2020.
GreatStar has gotten in the habit of rescuing failed brands, such as Pony, Jorgensen, and most recently Shop-Vac. It will be interesting to see how this story develops, and what they will do with the SK Hand Tool brand and associated patents and tool designs.
(Thank you to everyone for the heads-up!)