SYCAMORE, Ill. (Aug. 23, 2010) — Ideal Industries Inc. has agreed to purchase certain assets of SK Hand Tools Corp., which filed for Chapter 11 bankruptcy protection June 29.
Ideal has named Doug Spitler, vice president and general manager of its retail and industrial divisions, to run the SK unit, which will operate as a wholly-owned subsidiary of Sycamore-based Ideal. The asset sale is expected to be finalized Aug. 25.
Founded in 1921, Chicago-based SK is considered an icon by generations of mechanics as it has manufactured a broad line of sockets, ratchets, hammers and wrenches. Ideal said it intends to market SK's portfolio of nearly 4,000 tools under the SK brand to the automotive and industrial distribution channels.
“Acquiring SK Hand Tools will expand our focus on American-made quality, service and value,” Mr. Spitler said. “Loyal customers can count on the SK brand being re-energized under Ideal ownership as the premier 'Made in USA' line of professional tools.”
Ideal—a manufacturer of tools and supplies serving installation professionals in the construction, maintenance, data communications and OEM industries—also acquired American tool makers Western Forge and Pratt Read earlier this year.
Although the company is still formalizing plans, Ideal said it is committed to manufacturing SK tools in the U.S., either by integrating production into its existing plants or building a new, state-of-the-art facility. The firm added that it will publish its comprehensive manufacturing plans for SK within 30 days after the sale closes.