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Wilton Tool Company, Chicago, IL, will merge with JET Equipment & Tools, Auburn, WA, according to WMH, Walter Meier Holding, AG and the investors in Wilton Tool Company. In addition to vises and clamps, since 1981 Wilton has been supplying hand tools and machinery to the industrial market. Through a merger with HTII in 2001, the Wilton Tool Company also became a supplier of hand and power tools to the retail market. The new company will be named the WMH Tool Group. Full story.
The C.H. Hanson Company, Franklin Park, IL, has acquired Ercon Inc., Ramsey, NJ, a manufacturer of layout tools under the ASquare brand name. The ASquare layout tool is a folding square for cabinetry installation, carpentry, ceramic tile and flooring, concrete paving and commercial construction applications. 'The acquisition of Ercon and the ASquare brand layout tool family fits C.H. Hanson's long-term strategy to strengthen its position as a leading manufacturer of professional identification and marking products,' said Craig Hanson, president of The C.H. Hanson Company. Family-owned for more than 130 years, The C.H. Hanson Company is a manufacturer of identification and marking products. Hanson has expanded its line to include products for the industrial, construction, safety, DIY and consumer markets.
Applied Industrial Technologies, Cleveland, OH, announced a reorganization of its Industrial Products Business Unit in response to a continuing sluggish economy. Donald Chargin, president of the business unit has resigned to pursue other interests. The business unit, led by seven area vice presidents, will now report directly to Bill Purser, president and CEO. Full story.
Questron Technology, Inc., Boca Raton, FL, has signed a definitive purchase agreement with QTI Acquisition Corp. providing for QTI's acquisition of substantially all of Questron's assets and has, together with its subsidiaries, filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The asset sale is subject to customary closing conditions, as well as the completion of a bankruptcy court supervised auction process and bankruptcy court approval. QTI is a newly formed company owned and organized by an affiliate of Sun Capital Partners, Inc. Full story.
Textron Inc., Providence, RI, has sold the Gear Tools operation of its David Brown business unit in Huddersfield, United Kingdom, to Dathan Tool & Gauge Ltd. The transaction includes most of the fixed assets and a portion of inventory. Gear Tools was acquired by Textron as part of its 1998 acquisition of David Brown Group plc, which is part of Textron's Power Transmission group. Gear Tools had annual sales of approximately $1.4 million in 2001. Full story.
Barnes Group Inc., Bristol, CT, has signed a definitive agreement to acquire substantially all of the manufacturing assets of retaining ring producer Seeger-Orbis GmbH & Co. OHG of Germany from TransTechnology Corporation for $20 million. The acquired business will expand both the product offering and geographic scope of Barnes Group's Associated Spring business unit. The acquisition will add approximately $30 million in annual sales to Associated Spring's operation, the company