P&F Industries, Inc. Acquires Blaz-Man Gear, Inc. And Gear Products & Manufacturing, Inc.
P & F Industries, Inc. - Class A (PFIN)
US:NASDAQ Investor Relations:
stocktwits.com/symbol/p
Company Research
Source: PR Newswire
MELVILLE, N.Y., Oct. 25, 2019 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) announced that effective today, through a wholly owned subsidiary of Hy-Tech Machine, Inc., it acquired substantially all the assets comprising the businesses of Blaz-Man Gear, Inc. and Gear Products & Manufacturing, Inc., each an Illinois-based corporation that manufactures and distributes custom gears and power transmission gear products. The purchase price consisted of an aggregate of approximately $3.5 million in cash and the assumption of certain payables and contractual obligations. In addition, the sellers may be entitled to additional contingent consideration based upon sale of certain categories of acquired inventory during the two-year period following the closing date. Richard Horowitz, P&F's Chairman, President and Chief Executive Officer, stated, "I am extremely pleased to announce the acquisition of both the Blaz-Man and Gear Products businesses. These acquisitions further expand our gear p
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