Posts Tagged ‘SK Tools’

It’s Offical! Ideal Industries buys SK Tools

August 23rd, 2010

It’s officially official, Ideal Industries has gone through with the purchase of SK Tools.  The sale is expected to finalize on Wednesday, with Doug Spitler tapped to head the new company.  Doug is currently managing IDEAL’s Retail and Industrial Divisions so he should be a good fit to run the new company.  SK has said that they are dedicated to keeping SK Tools made in the US, however they haven’t decided if that will be at a brand new facility, the current SK facility, or a current Ideal facility.  They expect to release a manufacturing plan in about a month.  No word on existing warranty issues, however it sounds like Ideal will probably honor them in some fashion.

Source: Ideal

Ideal Industries to buy bankrupt SK Hand Tools

July 12th, 2010

Ideal Industries has agreed to buy the bankrupt SK Hand Tools for $3.25 million according to the bankruptcy filing that was submitted to the northern Illionis Bankruptcy court.  According to the filing SK Hand Tools will go up for auction as soon as July 26th, and if no other higher offers are received it will be sold to Ideal.  Ideal has recently been buying up a few other smaller tool companies, and seems to leave them generally intact, so that is likely to be the case if their purchase of SK goes through.  SK currently has more than $10 million in debt, with at least $9 million being owed to Webster Business Credit.  They also have more than $10 million in assets.

Source: Bloomberg

SK Hand Tools Files for Bankruptcy

July 2nd, 2010

SK  Tools has been running into alot of trouble recently, and it has finally come to a head with them filing for Chapter 11 Bankruptcy protection.  The company has had a handful of owners in the last 20 years,  most recently being bought out by the management in May of 2005 after the previous owner, the French conglomerate FACOM was bought by Stanley.   A strike 10-week strike that ended in November, as well as other recent management shakeups seem to have been more than the company could handle, and thus the bankruptcy filing.  When we tried to contact SK Tools on the filing, no response was given, and thus the future of the company, as well as the handling of warranty claims is still in doubt.

Source: US Bankruptcy Court Via: ToolGyd

Update:  Check out this post with some updated information including a potential sale.