Benzinga | Jan 18, 2022 03:53PM EST

P&F Industries Acquires Business Of Jackson Gear Company

* P&F Industries, Inc. (NASDAQ:PFIN) subsidiary Hy-Tech Machine, Inc., has acquired substantially all the non-real estate assets comprising the business of Jackson Gear Company for $2.3 million in cash and the assumption of certain payables and obligations.

* Jackson Gear is a Pennsylvania-based corporation that manufactures and distributes custom gears and power transmission gear products.

* This acquisition further expands P&F Industries' gear product offerings to an even broader range of industries.

* "We believe that consolidating the operations of the acquired business within PTG operations throughout the next six to twelve months should generate cost reductions and other efficiencies as well. We expect the added revenue will more than double the size of our current PTG business," said Richard Horowitz, P&F's Chairman, President, and CEO.

* P&F Industries held cash and equivalents of $0.79 million as of September 30, 2021.

* Price Action: PFIN shares are trading higher by 2.11% at $6.30 on the last check Tuesday.