Industrial Supply Co., a Salt Lake City industrial tool and supply distribution company, has acquired Paxton Production Tools. Paxton has distributed cutting tools from its Salt Lake City base since 1956.
“With a combined experience of over 160 years in industrial supply distribution, the acquisition is intended to offer an even higher level of customer experience for both companies’ customers,” Industrial Supply said in a release. {mprestriction ids="1,3"}
“Like Industrial Supply, Paxton Production Tools is a multi-generational family business that has grown its business through its exceptional customer service. Customers will also now have access to more services and a more comprehensive inventory of quality brands,” said Industrial Supply Chairman Phil Thompson. He said he is confident that the Paxton brand will be in great hands and is excited to see the extended reach of industrial supply distribution for both of these brands.
“With this acquisition, we are able to continue the proud tradition and heritage of both companies’ powerful brands. We will carry on the goodwill of Paxton and are excited to see the growth and opportunities that come from this as we seek to make continuous improvements and ensure our customers are satisfied,” Thompson said.
“We were delighted to learn of Industrial Supply’s interest in acquiring the business that our family has nurtured and grown through the years. Although others have expressed interest, Industrial Supply was our first choice. We have been friends, as owners and employers, in this community for over 60 years, and Industrial Supply brings the perfect synergy that we were looking for in a potential buyer,” said Paxton executive Bob Paxton.
Paxton Production Tools will maintain its brand and continue to operate from its current location. The integration will be completed in the next several months with a seamless transition that will not interrupt customers, Industrial Supply said.
The acquisition was effective Nov. 1. Terms were not disclosed.{/mprestriction}
