P&F Industries Buys Exhaust Technologies

(RTTNews) - P&F Industries, Inc. (PFIN) said Wednesday that it has acquired all of the outstanding equity interests of Exhaust Technologies, Inc. through a merger of a newly formed subsidiary of P&F with and into Exhaust Technologies.

Exhaust Technologies markets its AIRCAT pneumatic tools mainly to the automotive market.

The total purchase price, taking into effect a working capital adjustment, consisted of about $10.4 million in cash.

The newly acquired company will operate under the control of P&F's subsidiary, Florida Pneumatic Manufacturing Corporation, located in Jupiter, Florida.

P&F believes that this acquisition will be immediately accretive to earnings.