Posted April 9, 2010
P.F. Markey acquires Material Sales
Saginaw, Mich.-based P.F. Markey Inc. (PFMI) has agreed to acquire the assets of Material Sales Company Inc. of Redford, Mich.
Material Sales became part of P.F. Markey Inc. on April 1 and will operate under the Material Sales Co. name for an undisclosed time. Terms were not disclosed.
Material Sales Company, founded in 1972, is a distributor of cutting tools, abrasives, and related products to a wide variety of industries throughout Michigan. In addition, Material Sales offers value-added services in the areas of inventory management systems, tool design and tool regrinding. The company has annual sales of approximately $5 million.
"P.F. Markey Inc. will provide additional product expansions to the cutting tool platform we already have in our marketplace. Markey's technical skills, involvement in commodity management, and broad market coverage will offer significant enhancements to our established customer base in southeast Michigan," said Tim B. Springer, president of Material Sales.
"We are very optimistic on the long-term prospects of the southeast Michigan market, and the addition of this business is evidence of our continued success in increasing our presence throughout the region," said Jim Terry, president of P.F. Markey Inc.
