Worthington Industries Acquires General Tools & Instruments
Leading US industrial manufacturing company Worthington Industries Inc announced the acquisition of General Tools & Instruments Company LLC, a
Leading US industrial manufacturing company Worthington Industries Inc announced the acquisition of General Tools & Instruments Company LLC, a provider of over 1,200 feature rich, specialized tools with well-established brands and a nearly 100 year history. The purchase price was approximately USD 115 million, subject to closing adjustments, funded with existing cash. In calendar year 2020, General Tools generated net revenue of USD 68.2 million and adjusted EBITDA of USD 15.2 million. The tenured management team with expertise in managing a global supply chain will continue to run the business.
Founded in 1922, General Tools is headquartered in Secaucus in New Jersey with an additional location in Shanghai, China and employs approximately 60 people. The acquisition broadens Worthington’s consumer products brands in niche tools and outdoor living. General Tools’ brands include General, Garden-Weasel, Pactool International and Hawkeye and are focused in categories including environmental health & safety, precision measurement & layout, home repair & remodel, lawn & garden and specific purpose tools.