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Sat, 04 Sep 2010 01:32:30 GMT
Marks Bolts on Aug 25, 2010 04:21PM
PRESS RELEASE RE: SK HAND TOOLS
SK Hand Tool Corp.'s brand name has been sold to Ideal Industries Inc. through a bankruptcy auction.
Sycamore-based Ideal Industries Inc. was the highest bidder for some SK Hand Tool assets, which were put on the market after the company sought Chapter 11 bankruptcy protection in June.
SK Hand Tool, which was founded in Chicago in 1921, will become a subsidiary of Ideal Industries, which manufactures tools for the electrical industry.
Doug Spitler, a vice-president at Ideal, will head up the SK Hand Tool division.
The deal, worth more than $3.5 million according to bankruptcy documents, is scheduled to be approved by a bankruptcy judge on Wednesday.
Ideal Industries will decide within 30 days after the closing if it will manufacture SK Hand Tool products at one of Ideal's existing plants or build a new facility, the company said in a statement.
The purchase of SK Hand Tool's assets did not include any employees, plants or real estate, an Ideal Industries spokesman said.
SK Hand Tool is the third acquisition Ideal Industries has made this year. Ideal earlier purchased Western Forge of Colorado and Pratt-Real Tools LLC of Connecticut.
SK Hand Tool was hit hard by the economic recession and at one time owed its primary lender roughly $9 million.
The manufacturing firm stopped offering health benefits to its workers last summer, a move that prompted 70 union workers from Teamsters Local 743 to go on strike.
At the time, SK Hand Tool officials said the company was unable to control the factors that led to its inability to offer health insurance. By the time SK Hand Tool filed Chapter 11 bankruptcy, its plant in Defiance, Ohio, had ceased operating and only a few workers were left in its Chicago facility.
Marks Bolts on Aug 02, 2010 02:56PM
NEW ITEM: OMG STANDARD ROOFGRIP FASTENERS
The OMG Standard RoofGrip Fastener is designed to secure insulation to standard steel (18 ga.-24 ga.) and wood. It is available in lengths from 1 5/8-in to 8-in. Features & Benefits: heavier shank and thread diameters than most "standard" roofing fasteners; deep buttress thread for high pullout resistance; extra sharp spade point for quick installation in new or reroof applications; available with hex head or #3 Phillips truss head. OMG CR-10 corrosion resistant coating exhibits less than 15% red rust after 30 Kesternich cycles. CR-10 coating exceeds F.M. Approval Standard 4470.
Marks Bolts on Jul 21, 2010 02:34PM
We are sorry to announce that due to the impending bankruptcy of SK Tools, we will no longer be able to warranty your SK tools.
Marks Bolts on Jun 30, 2010 01:28PM
29 PIECE DRILL BIT SETS ARE FINALLY IN !!!!
Our 29 piece drill bit sets have finally come in after being on back order for months! These are high quality import sets from 1/16" to 1/2 " by 64ths. Great price at $38.95!
Marks Bolts on Jun 16, 2010 02:12PM
STAINLESS STEEL PRICES GOING UP
Looks like stainless steel prices are going up soon. Mark has been hearing from his suppliers that prices are going up in the near future. We try really hard to let our customers know in advance when prices go up so that if you know you're gonna need something in the near future, you can get it now and save yourself some money. So, heads up about stainless steel prices!