A Secaucus-based specialty tool company has been acquired by an Ohio-based industrial manufacturing company for about $115 million, it announced Monday.
Worthington Industries Inc. acquired the nearly 100-year-old General Tools & Instruments Co. LLC, to broaden its consumer products brand with properties including Garden Weasel, Pactool International and more.
“The acquisition of General Tools expands our thriving consumer products portfolio, complementing our existing brands in niche tools and outdoor living with attractive end markets,” Worthington CEO and President Andy Rose said in a prepared statement. “General Tools brings a strong history and a proven new product development process with demonstrated speed to market. Their team is outstanding, and this acquisition will deepen our expertise in consumer products and broaden our relationships with blue-chip customers.”
General Tools employs about 60 people at its New Jersey headquarters and a facility in Shanghai. Its leadership team will continue to run the business, Worthington noted.
Worthington’s brands include Coleman, Mag Torch and more. It employs about 7,500 people at 51 facilities in 15 states and seven countries.
