Electrical Business

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Ideal Industries acquires Pratt-Read


March 22, 2010
By Anthony Capkun

Ideal Industries Inc. is acquiring Pratt-Read, saying it is 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 for a range of
customers under its own brand name, as well as for other tool
manufacturers. The company 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.

This latest move follows Ideal’s purchase of Western Forge, a
manufacturer of pliers, screwdrivers and adjustable wrenches.

“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.

CLICK HERE for Ideal.