IDEAL Acquires Western Forge
To acquire Colorado manufacturer of pliers, screwdrivers and adjustable wrenches.
Ideal Industries, Inc., a global leader in connectors, testers, tools and supplies, today announced that it signed on December 31, 2009, a definitive agreement to acquire privately held Western Forge, a Colorado Springs-based manufacturer of pliers, screwdrivers and adjustable wrenches for the professional trades and the general consumer. The company, which will continue to be known as Western Forge, will become a wholly owned subsidiary of IDEAL.
Randy Thompson, a 22-year veteran of IDEAL with broad manufacturing, operational, and general management experience, has been named General Manager for Western Forge.
"The acquisition of Western Forge represents another significant step in the IDEAL strategy to broaden our internal product design and American made manufacturing capabilities," said Jim James, President/CEO of IDEAL. "An additional benefit is that we will now expand our presence among the general trades where Western Forge has a strong customer base and where we see significant opportunities for growth with other IDEAL products."
Through this acquisition, IDEAL will gain an important addition to its U.S.-based manufacturing platform supporting its fast-growing hand tools business. Western Forge's 345,000 square foot manufacturing plant is an American standard in premier metal craftsmanship, offering the latest in forging, heat treatment, handle extrusion, machining and plating operations.
"Western Forge has a proud heritage spanning more than four decades of manufacturing the highest quality hand tools for a blue chip list of OEM and retail customers," said Dave Juday, Chairman of the Board for IDEAL. "I join in welcoming their highly trained manufacturing staff -- individuals who know the value of the 'Made In America' label -- to our IDEAL family of companies."
