SYCAMORE, IL, March 22, 2010 – IDEAL INDUSTRIES, INC. announced today it has entered into an agreement to acquire Pratt-Read, the third largest manufacturer of screwdrivers in the United States and one of the country's oldest companies.
Founded in 1798, Pratt-Read manufactures screwdrivers which it sells to a wide range of customers under its own brand name as well as to other tool manufacturers. Pratt-Read 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 making it a leader in providing solutions for the screw driven products industry.
This latest move follows the purchase of Western Forge by IDEAL, a Colorado Springs-based manufacturer of pliers, screwdrivers and adjustable wrenches, and further affirms IDEAL's commitment to Made in the USA manufacturing.
“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.
The company will operate as Pratt-Read Tools, LLC., a wholly owned subsidiary of IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. has been serving the electrical industry since 1916. IDEAL is one of the world's leading manufacturers of professional quality tools and supplies serving installation professionals in the construction, maintenance, data communications and original equipment manufacturing industries.
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