Steelmax business acquired in April
Steelmax Tools LLC, Centennial, Colo., completed the acquisition of the Steelmax business in April, backed by investors who plan to build upon the successes of this specialty power tool brand that primarily serves the industrial and welding supply markets.
The company will continue to operate under the Steelmax brand name and provide the products and customer service and support for which Steelmax has been known. Steelmax will continue to focus on portable magnetic drills, metal cutting saws, and other metalworking tools and continue to provide carbide-tipped blades and annular cutters.
The new owners, Kevin Allen and Pete Smith, look to grow the company through expansion of existing domestic market share, growth in export sales, and continued innovation and development of high-quality metalworking products for professionals.The company has announced the expansion of its magnetic drill line with the introduction of its D2X drill. Additional new-product introductions are planned throughout 2010 and 2011, the company reports.