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This acquisition complements the strategic position of Precision Tool Company, a company under the TriMas Industrial Specialties Group. "CET is the right fit for our family of niche-market specialty precision and cutting tools units under Precision Tool Company," said Grant Beard, TriMas president and CEO. "We have identified several synergies that will make this acquisition a strategic success."
Precision Tool Company's revenues are more than $14 million and the acquisition of CET will increase Precision Tool Company's revenues by more than 10 percent. CET sales are valued in excess of $2 million per year. CET will be consolidated into an existing unit of Precision Tool Company, Richards Micro-Tool.
Vice president and general manager of Richards Micro-Tool, Mike Fucillo, states,
"This acquisition is complementary to our existing product offering and will enhance service to customers of both companies."
Both Richards Micro-Tool and CET manufacture industrial carbide cutting tools with an emphasis on miniature end mills. Richards Micro-Tool also makes miniature high-speed steel and cobalt end mills, combined drills and countersinks and an array of specialty tools to customers' prints. CET's offering includes diamond coated end mills for graphite applications, long reach end mills and micro drills. For more information, visit www.richardsmicrotool.com or www.cetdirect.com.