Walter Surface Technologies, a Canadian-based company that “provides innovative solutions for the global metalworking industry,” has acquired Greenfield Industries, a group of USA-based tooling manufacturers, from TDC, which is based in China.
Greenfield Industries includes brands such as Cleveland, Chicago-Latrobe, Cle-Line, and Greenfield Threading, which have maintained “robust manufacturing capabilities and infrastructure” in the USA.
These brands produce drill bits, thread-cutting taps, and other such tooling.
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Walter is acquiring Greenfield Industries from the Top-Eastern Group (TDC), a Chinese-based company that specializes in drill bits and similar cutting tools.
According to a Greenfield Industries “about” page, they were acquired by TDC, which they describe as “the word’s largest manufacturer of twist drills,” in 2009.
The group was previously acquired by Kennametal in 1997, after going public in 1995, before the sale to TDC.
Greenfield Industries say that their beginnings can be traced back to 1874 in Cleveland, Ohio, and that the company formed from several smaller manufacturers in the early 1900s. They expanded via “complementary acquisitions” until going public in 1995.
Walter’s business portfolio includes other metalworking tool brands, including Triumph Twist Drill, which also produces drill bits and thread-cutting taps in the USA.
Thank you to Boris for the heads-up!
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Big Richard
I use a Walter Surfox to clean and passivate TIG welds and etch SS process piping. I’d recommend them.
Robert
Interesting. That’s swimming against the conventional wisdom usual tide, Chinese industrial companies buying USA companies. Small example, Harvey and Bridge City Tools.
Stuart
It’s not a good example.
Bridge City Tools was a boutique toolmaker that produced extremely expensive and heirloom-quality artisan woodworking tools. As I understand it, everything was made in small pre-purchased batches that were contracted to local machinists and anodizing businesses.
They licensed their designs to Harvey for overseas sales and after a few years the founder and designer stepped down and sold the entire company to Harvey.
Jim Felt
As a longtime and local observer of Bridge City (in honor of our multiple in town bridges over the Willamette River) you’re correct. Lots of local job shops were involved. “Were”… Sniff snuffle.
Nathan
This sounds fairly positive.
Chip
Of all the mergers,buyouts etc.
I can only think of several that actually helped 1 brand,but typically at the loss of sibling brands.
SB buying Dewalt =SBD that decimated every company except Dewalt.
Metabo and Hikoki “seem” to be maintaining,but are not that innovative in NA.
A company organically built ,charges less than the new company recouping their purchase price…and maintaining their P/L.