Official word just came out that Ideal Industries has entered into a definitive agreement to purchase certain assets of SK Hand Tools.
The headline of the press release is also very reassuring: Ideal expands its commitment to its Made in America mission by keeping manufacuring of iconic tool brand in the United States.
This may be a reach, but if this isn’t indication that Ideal has ambitious growth plans, I don’t what is. Pretty soon we might be seeing increased marketing efforts and distribution of Ideal and their subsidiary brands’ tools. If not, then someone needs to make this happen. These days we NEED more companies to be steadfast in their USA manufacturing ideals.
Doug Spitler, VP and GM of Ideal’s Retail & Industrial Division was named as the head of the new wholly-owned Ideal subsidiary, and it looks like he will start things off with very inspiring plans. Doug’s first words about the acquisition:
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
The sale is expected to be finalized on August 25th, and Ideal’s purchase of SK Hand Tools comes after its acqusition of other American tool manufacturers, Western Forge and Pratt Read, earlier this year.
While Ideal is committed to keeping SK tool production in the USA, it is not yet certain whether they will “integrate its production into their existing plants or build a new state of the art facility”.
I may be interpreting this the wrong way, but it looks like SK’s factories were not included in the sale. A separate source has conveyed that SK only had a handful of employees left in Chicago, so hopefully not too many folks lost their jobs.