Posted March 30, 2010
Ideal Industries buys Pratt-Read
Ideal Industries Inc. has entered into an agreement to acquire Pratt-Read, the third largest manufacturer of screwdrivers in the United States.
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.
According to a company press release, the move follows the purchase of Western Forge by Ideal, a Colorado Springs-based manufacturer of pliers, screwdrivers and adjustable wrenches, and further affirms the company'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.
The company will operate as Pratt-Read Tools LLC., a wholly owned subsidiary of Ideal Industries.
