Ideal Industries, Sycamore, Ill., is continuing in its quest to own some of the most iconic “Made in America” brands of hand tools. The company has entered into a definitive agreement to purchase certain assets of SK Hand Tools Corp., Chicago, one of the top manufacturers of tools for the professional mechanic market.
SK Tools had filed for bankruptcy protection on June 29, 2010, and Ideal bought it through a bankruptcy auction. The deal is valued at more than $3.5 million, according to Crain's Chicago Business. Ideal said it will be assuming none of SK's liabilities.
Doug Spitler, vice president and general manager of Ideal's Retail and Industrial Divisions, will run the new company. SK Tools 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 in a release. “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 Ideal's dedication to manufacturing in the United States, said the company release.