Ideal Industries Inc. has entered into an agreement to acquire Pratt-Read, a manufacturer of screwdrivers in the United States and one of the country’s oldest companies.
Terms of the deal were not disclosed.
This latest move follows the purchase of Western Forge by Ideal, a Colorado Springs, Colo.-based manufacturer of pliers, screwdrivers and adjustable wrenches.
“Acquiring Pratt-Read in addition to Western Forge enhances the capabilities of Ideal and expands the product offering in the hand tool market to further emphasize our strong, strategic focus on American-made quality, service and value,” said Jim James, CEO and president of Ideal Industries Inc.
Founded in 1798, Pratt-Read manufactures screwdrivers that it sells to a wide range of customers under its own brand name as well as to other tool manufacturers. The company operates 12 factories throughout New England. It started making screwdrivers in 1834. Since the 2005 acquisition of American Industrial Manufacturers, Pratt-Read has manufactured a complete line of screwdrivers, handles, blades, and bits.
The company will operate as Pratt-Read Tools LLC, a wholly owned subsidiary of Ideal Industries Inc.
Ideal purchases Pratt-Read
May 1, 2010