Ohio-based Worthington Industries has acquired specialised tool provider General Tools & Instruments Company LLC (General Tools) for approximately $115m.
Announced today (1st Feb), the acquisition will broaden Worthington’s consumer products brands in niche tools and outdoor living, taking advantage of General Tools’ 1,200 specialised tools.
“The acquisition of General Tools expands our thriving consumer products portfolio, complementing our existing brands in niche tools and outdoor living with attractive end-markets,” said Andy Rose, Worthington’s President and CEO.
“General Tools brings a strong history and a proven new product development process with demonstrated speed to market.”
“Their team is outstanding, and this acquisition will deepen our expertise in consumer products and broaden our relationships with blue chip customers allowing us to deliver more products, innovation and value.”
General Tools’ brands include General®, Garden-Weasel®, Pactool International® and Hawkeye™. Its focused in categories include environmental health & safety, precision measurement & layout, home repair & remodel, lawn & garden and specific purpose tools.
Headquartered in Secaucus, New Jersey, with an additional location in Shanghai, China, General Tools has approximately 60 employees, and in 2020 generated net revenue of approximately $68.2m.
The purchase price of approximately $115m is subject to closing adjustments, funded with existing cash.