December 8, 2022
  • December 8, 2022

P&F INDUSTRIES, INC. ACQUIRES JACKSON GEAR COMPANY | State

By on January 18, 2022 0

MELVILLE, NY, Jan. 18, 2022 /PRNewswire/ — P&F Industries, Inc. (NASDAQ: PFIN) announced that effective January 15, 2022, through a wholly owned subsidiary of Hy-Tech Machine, Inc., acquired substantially all of the non-real estate assets comprising the business of Jackson Gear Company, a PennsylvaniaNew York-based company that manufactures and distributes custom gears and power transmission gear products. The purchase price consisted of a total of $2.3 million in cash and the assumption of certain debts and obligations.

Richard Horowitz, Chairman, President and Chief Executive Officer of P&F, said, “I am extremely pleased to announce the acquisition of the Jackson Gear business. This acquisition further expands our gear product offerings to an even wider range of industries. Additionally, the knowledge gained and will allow Hy-Tech’s Power Transmission Group, or PTG, to offer some of the largest gears available on the market, which is a big differentiator. This truly enhances the value of PTG for all current and potential customers. We believe that consolidating the operations of the acquired business into PTG’s operations over the next six to twelve months should also generate cost reductions and other efficiencies. We expect the additional revenue to more than double the size of our current PTG business. This transaction is another significant strategic step for the Company as we continue to expand our offerings in the air tools and related accessories market. »

About P&F Industries, Inc.

P&F Industries, Inc., through its wholly owned subsidiaries, is a leading manufacturer and importer of power tools and accessories sold primarily to the aerospace, industrial, automotive and retail. P&F products are sold under its own trade names, as well as under the private labels of leading manufacturers and retailers.

Forward-looking statements

The Private Securities Litigation Reform Act of 1995 (the Reform Act) provides a safe harbor for forward-looking statements made by or on behalf of P&F Industries, Inc. and its subsidiaries (“P&F” or the “Company”). P&F and its representatives may, from time to time, make written or oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and in its reports to shareholders. Generally, the inclusion of the words believe, expect, intend, estimate, anticipate, will, may, might, should and their opposites and similar expressions identify statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act. of 1933 and Section 21E of the Securities Exchange Act of 1934 and which are intended to fall within the scope of the safe harbor protection provided by those sections. All forward-looking statements contained herein, including those relating to the Company’s future performance, are based on the Company’s historical performance and current plans, estimates and expectations. All forward-looking statements involve risks and uncertainties. These risks and uncertainties could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company for a number of reasons, including, but not limited to:

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Risks related to the global outbreak of COVID-19 and other public health crises;

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Risks associated with overseas sourcing;

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Disruption in global capital and credit markets;

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Import delays;

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customer concentration;

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Unforeseen inventory adjustments or changes in buying habits;

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Market acceptance of products;

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Competetion;

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Price reductions;

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Exposure to fluctuations in energy prices;

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The strength of the retail economy in the United States and abroad;

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Brexit-related risks;

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Adverse changes in exchange rates;

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Interest rate;

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Debt and debt service requirements;

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Borrowing and compliance with covenants under our credit facility;

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Impairment of long-lived assets and goodwill;

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Retention of key personnel;

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acquisition of businesses;

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Regulatory environment;

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Litigation and insurance;

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The threat of terrorism and related political instability and economic uncertainty; and

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Business disruptions or other costs associated with information technology, cyberattacks, systems implementation, data privacy or catastrophic loss,

and other risks and uncertainties described in the company’s most recent annual report on Form 10-K, its quarterly reports on Form 10-Q and its other reports and statements filed by the company with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. The Company cautions you not to rely on any of these forward-looking statements.

www.pfina.com

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SOURCEP&F Industries, Inc.