P&F Industries, Inc. (NASDAQ: PFIN) announced it has acquired all of the outstanding equity interests of Universal Air Tool Company Limited ("UAT").  UAT markets its pneumatic tools primarily to the automotive market in England and Ireland.  The purchase price consisted of approximately $1,950,000 in cash, subject to a post-closing working capital adjustment.  In addition, there is a potential contingent consideration payment due to the former shar" />

Issue: Jul 2014


P&F Industries, Inc. Acquires Universal Air Tool Company Limited



by Ai Staff

P&F Industries, Inc. (NASDAQ: PFIN) announced it has acquired all of the outstanding equity interests of Universal Air Tool Company Limited ("UAT").  UAT markets its pneumatic tools primarily to the automotive market in England and Ireland.  The purchase price consisted of approximately $1,950,000 in cash, subject to a post-closing working capital adjustment.  In addition, there is a potential contingent consideration payment due to the former shareholders of UAT of a maximum of approximately $425,000.  The newly acquired company will be a wholly-owned subsidiary of P&F's subsidiary, Florida Pneumatic Manufacturing Corporation.  The Company believes that this acquisition will be immediately accretive to earnings.

 

Richard Horowitz, P&F's Chairman, President and Chief Executive Officer, explained, "We are pleased to announce that this is the second acquisition of a pneumatic tool company in the past month.  With this latest acquisition, Universal Air Tool Company Limited provides P&F with its first direct entry into the European market, and gives us an additional market to sell our Florida Pneumatic and newly acquired AIRCAT brand tools.  We are excited about the potential growth opportunities and anticipated transformative effect provided by this acquisition, along with the Exhaust Technologies, Inc. acquisition, as we continue our objective to become the "go to" provider in the automotive air tool industry."

 

About P&F Industries, Inc.

 

P&F Industries, Inc., through its two wholly owned subsidiaries, Continental Tool Group, Inc. and Countrywide Hardware, Inc., manufactures and/or imports air-powered tools sold principally to the industrial, retail and automotive markets, and various residential hardware such as fencing hardware and door and window hardware primarily to the housing industry.  P&F's products are sold under their own trademarks and trade names, as well as under the private labels of major manufacturers and retailers.

 

About Universal Air Tool Company Limited.

 

Universal Air Tool Company Limited is the market leader in pneumatic air tool distribution to the automotive sector in the United Kingdom. The company offers a wide array of products designed with high quality standards, an acute interest in its customer's requirements and satisfaction along with total specialization within the pneumatic tool market.  These products are designed to meet strict European requirements.

 

 



Send your comment:
Name: Email:
Phone: Town & Country:
Comment:





























































































































































































































































Automotive Industries
THE FUTURE OF CONNECTED AND ELECTRIFIED POWERTRAINS IN VEHICLES By TE Connectivity

x

Thank You

x