P&F Industries Buys Air Tool Service Co. - Quick Facts

(RTTNews) - P&F Industries, Inc. (PFIN) has acquired substantially all of the assets comprising the business of Air Tool Service Co. or "ATSCO", an Ohio-based firm engaged in the manufacture and distribution of pneumatic tools and parts. The consideration price includes nearly $7.66 million cash and the assumption of certain payables and liabilities, subject to a post-closing working capital adjustment.

The newly purchased company would be a wholly-owned unit of P&F's Hy-Tech Machine, Inc. The acquisition is expected to be immediately accretive to earnings.

P&F's Chairman, President and Chief Executive, stated, "We are pleased to announce the completion of our third acquisition of a pneumatic tool company in the past forty five days. ATSCO will bolster Hy-Tech's offering of industrial tools. We are eager to move forward with the planned integration of ATSCO with Hy-Tech, and anticipate synergistic savings and improved overhead absorption, as well as growth opportunities for our pneumatic tool companies in the future. As shown by our recent transactions, P&F is committed to improving growth and profitability, organically and through targeted acquisitions."