P&F Industries Buys Universal Air Tool Company

(RTTNews) - P&F Industries, Inc. (PFIN) said Tuesday that it has acquired all of the outstanding equity interests of Universal Air Tool Company Ltd.

Universal Air Tool Co. markets its pneumatic tools mainly to the automotive market in England and Ireland.

The purchase price consisted of about $1.95 million in cash, subject to a post-closing working capital adjustment. In addition, there is a potential contingent consideration payment due to the former shareholders of Universal Air Tool Co. of a maximum of about $425,000.

The newly acquired company will be a wholly-owned subsidiary of P&F's subsidiary, Florida Pneumatic Manufacturing Corp.

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