Florida Pneumatic Manufacturing Corp., a subsidiary of P&F Industries Inc., has announced that effective April 5, it acquired substantially all of the assets, including certain real property, comprising the business of Jiffy Air Tool Inc., located in Carson City, Nevada.
Jiffy Air Tool Inc. manufactures and distributes pneumatic tools and components, primarily sold to aerospace manufacturers. The purchase consisted of the operating assets of Jiffy Air Tool, and Bonanza Properties Inc. purchased the real property of Jiffy Air Tool. Bonanza Holdings Corp. and Bonanza Properties Corp. are wholly owned subsidiaries of Florida Pneumatic. The company anticipates that this acquisition will be immediately accretive to earnings.
Richard Horowitz, P&F’s chairman, president and CEO, said, “I am extremely pleased to announce the acquisition of the Jiffy Air Tool business. Jiffy is one of the preeminent brands of air tools used to manufacture commercial jets and other aircraft both in North America and internationally. This acquisition further expands our product offering in the aerospace sector of the pneumatic tool market. By adding this highly-regarded line of air tools to the P&F family, we believe we have a significant opportunity to enhance its growth with our manufacturing, marketing and engineering resources. This acquisition is a meaningful stepping stone for the company as we continue to transform into a more robust, global enterprise focused on the air tools and related accessories market.”
The Jiffy Air Tool Inc. factory is a fully integrated manufacturing facility. Assembly, distribution and administration are located in the Jiffy facility in Carson City. The company says that the Jiffy brand is a very valuable addition to the Universal Tool brand, and the AIRCAT brand is also well established in the general industrial sector and the automotive aftermarket respectively.
Jiffy will continue to manage its day-to-day business as usual, and sales activities will continue to be managed by its own direct sales organization.
