American Tool to Acquire Polyhedron Holdings.HOFFMAN ESTATES Hoffman Estates A village of northeast Illinois, a suburb of Chicago. Population: 49,700. , Ill.--(BUSINESS WIRE)--Aug. 18, 1998-- Company strengthens presence in United Kingdom, international markets American Tool Companies, Inc., today announced a cash offer for Polyhedron polyhedron (pŏl'ēhē`drən), closed solid bounded by plane faces; each face of a polyhedron is a polygon. A cube is a polyhedron bounded by six polygons (in this case squares) meeting at right angles. Holdings PLC, a British manufacturer of hand tools, power tools and accessories. Polyhedron Holdings is one of the largest tool manufacturing companies in Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , with 1997 sales of more than $90 million. It has more than 800 employees, with primary manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Sheffield, Wigan Wigan (wĭg`ən), city (1991 pop. 88,725) and metropolitan district, N England, located in the Manchester metropolitan area on the Douglas River. and Stevenich, England, as well as manufacturing, sales and distribution offices in Holland and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . American Tool is a privately held firm, while Polyhedron Holdings is publicly traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . American Tool has commenced a tender offer for all of the securities of Polyhedron Holdings, and already holds irrevocable commitments from shareholders who own more than 50 percent of Polyhedron's shares, assuring American Tool control of the company. The transaction is expected to be completed sometime after mid-September and will be valued at more than $50 million. American Tool's acquisition of Polyhedron Holdings will substantially increase the company's presence in the United Kingdom market, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Allen D. Petersen, American Tool's chairman and chief executive officer. "This acquisition is another important step toward expanding our international manufacturing presence. The combination of Polyhedron's internationally recognized brands and our own will dramatically enhance our product offerings globally," Petersen said. Polyhedron Holdings brands include RECORD(R) vices, clamps, bolt cutters, pipe tools, planes and pliers pliers, n a tool of pincer design with jaws of varying shapes; used for holding, bending, stretching, contouring, and cutting. pliers, contouring, n ; MARPLES(R) wood chisels, joiners tools, carving and turning tools and wood boring tools; BULLDOG(R) horticultural, agricultural and contractors tools (shovels, forks, spades, hoes, trowels and cutting tools); GILBOW(R) snips; and in Holland, NOOITGEDAGT(R) wood chisels, gouges, turning tools, mallets and carving tools. In addition to its hand tools, Polyhedron Holdings has several brands of power and machine tools. In Great Britain these include RECORD POWER(R) electrically operated woodworking machinery (wood turning lathes, drilling machines, mortising machines, bandsaws, disc sanders and grinders), STARTRIGHT MACHINES(TM) metalcutting bandsaws, circular saws, and dust extractors; and HILMOR(R) conduit and copper bending machines and plastic pipe cutters. Other holdings include Hampshire & Son Ltd., a UK wholesaler, and Tabwell Tools Ltd., with 30 retail tool stores in England. Worldwide offices include a factory and sales agency in South Africa making and marketing vises and clamps, as well as sales subsidiaries in Canada and Australia. This is the third acquisition this year for American Tool. In February, the company purchased Abreu Manufacturas Metalicas, S.A., the Portuguese manufacturer of UDEBRIK(TM) bow saws, hack saws, hand saws and pruning saws. In April, American Tool acquired Industria & Comercio Twill S.A., a Brazilian manufacturer of TWILL(TM) high-speed steel and masonry drill bits. American Tool Companies, Inc. is a global manufacturer and marketer of top-quality hand tools, cutting tools and power tool accessories. It employs more than 3,600 people at manufacturing facilities in Nebraska, Ohio, Wisconsin, Maine and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in the United States; and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Portugal, Brazil and Denmark. Its product lines include VISE-GRIP(R) locking pliers, clamps and wrenches, QUICK-GRIP(R) clamping products, IRWIN(R) wood boring and cutting tools, POWERPRESS(R) pipe clamps, JORAN(R), TWILL(TM) and TURBOMAX(R) drill bits, JACK(TM) and UDEBRIK(TM) hand saws, SPEEDBOR2000(R) wood boring bits, MARATHON(R) and SPRINT(R) saw blades, PROSNIP(TM) snips, UNIBIT(R) step drills, HANSON(R) taps, dies and drills, CHESCO(TM) hex tools, and STRAIT-LINE(TM) marking tools. EDITORS, PLEASE NOTE: American Tool Companies brands are trademarks and should appear in all capital letters with the appropriate protection mark. They are adjectives and should always be used to modify a product category (e.g. VISE-GRIP(R) locking pliers, clamps and wrenches).
CONTACT: American Tool Companies, Inc.
Allen D. Petersen
(847) 310-3260
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