America's Favourite Screwdriver Co.; The Fate of Pratt Read

[superautobacs]

I don't know if this has already been discussed here, but I just found out that back in March 09', Pratt Read filed for Chapter 11 bankruptcy protection.

A company that has been making screwdriver from around 1830 could close its doors shut.....or move manufacturing to China or Taiwan?

Here's an article for those interested: http://www.allbusiness.com/company-activities-management/company-structures-ownership/12410992-1.html

 

[stricht8]

They have China to thank for that.

 

[woody 73]

I am very sad to hear this news I like their screwdrivers; I wish them all the best and hope that they can keep their doors open for another 100 years.

 

[Hiball]

This is really dissapointing, I wonder if it was bad management that got them to this point? It seems to me that there screwdriver line is very competitively priced compared to other USA brands, So it makes me think it was just bad business decisions.

 

[old salvage]

They certainly cant sell them any cheaper. The Craftsman sets are always priced so low it astounds me.

 

[usmc_noma]

i find pratt reads at the local ace hardware and at northern tool. to me i think they're moderately priced and affordable. if you look hard enough you'll still find some old pr made craftsman at sears too.

 

[Mickey O]

No big deal we can get screwdrivers from GearWrench and Harbor Freight, plus those people working there can just sell their homes, move into Section 8 housing, go on welfare and collect food stamps. Keep buying those Asian tools.

 

[Jack90210]

No big deal we can get screwdrivers from GearWrench and Harbor Freight, plus those people working there can just sell their homes, move into Section 8 housing, go on welfare and collect food stamps. Keep buying those Asian tools.

Why can't American tool manufacturers compete without the "socialized" goodwill subsidy of the American consumer collective?

 

[Hiball]

Why can't American tool manufacturers compete without the "socialized" goodwill subsidy of the American consumer collective?

That my friend is a mouthfull.

 

[Jack90210]

That my friend is a mouthfull.

Thank you my friend.

And I also thought that your response probably hit closest to home.

 

[posaune]

The usual

<sigh> It *is* possible to let one or two threads go every so often.

In any case, it is sad to see yet another Connecticut tool company dying. I was at a Northern store over Christmas break and saw some PR drivers I hadn't seen before. They were quite nice and a good departure from the old handles (which I don't like so much). They were also the first Pratt-Read labeled drivers I had ever seen (as opposed to made for some other brand) - I thought the company was doing better!

 

[Packard V8]

Why can't American tool manufacturers compete without the "socialized" goodwill subsidy of the American consumer collective?

One word - WalMart The US consumer is addicted to low priced imported goods. All we have to do is pass a law. Any good imported into the US must be certified to have been made under the same environmental regulations, worker minimum wage and safety regulations as in effect here. End of story. Of course, virtually every consumer good would go up in price 25% to 50% overnight.

I've been to China and the third-world hell-holes flooding our markets with low-priced goods and driving our manufacturers out of business. You wouldn't want to live there, but by trading short term savings for long-term security, we are headed down to their level sooner rather than later.

thnx, jack vines

 

[Jack90210]

They were also the first Pratt-Read labeled drivers I had ever seen (as opposed to made for some other brand) - I thought the company was doing better!

That in itself is a clue -- they may have lost a contract, but decided to keep the factory running for as long as they could.

 

[Jack90210]

..........

 

[Mickey O]

<sigh> It *is* possible to let one or two threads go every so often.

Sure I could let it go, sure I could look the other way and move on when I see an elderly person slip on the ice and fall, plenty do. Maybe when I walk up to a door to enter a building and there is a person a little ways behind me with their arms full I should rush in, let the door close and let them stumble to open the door rather than hold it open for them, I see plenty of people do it. But that’s not my 'style', I do something, I say something. Should I change my ways to appease you and other people that buy Asian imports, to save a few dollars, to make you and them happy? Ain't going to happen. To suggest I shouldn't say anything as I watch this country fall to pieces when some peoples biggest concern is saving 50 cants rather than helping out there fellow citizens. There's an ignore feature on the board I'm sure someone can explain to you how to use it, that or you could just whine about it, everybody loves a whiner.

 

[stricht8]

Sure I could let it go, sure I could look the other way and move on when I see an elderly person slip on the ice and fall, plenty do. Maybe when I walk up to a door to enter a building and there is a person a little ways behind me with their arms full I should rush in, let the door close and let them stumble to open the door rather than hold it open for them, I see plenty of people do it. But that’s not my 'style', I do something, I say something. Should I change my ways to appease you and other people that buy Asian imports, to save a few dollars, to make you and them happy? Ain't going to happen. To suggest I shouldn't say anything as I watch this country fall to pieces when some peoples biggest concern is saving 50 cants rather than helping out there fellow citizens. There's an ignore feature on the board I'm sure someone can explain to you how to use it, that or you could just whine about it, everybody loves a whiner.

Keep doing what your doing Mickey O. Every time I think about buying a Chaiwanese tool, I think about you and put it down.

 

[alex71]

They have China to thank for that.

No, they do not. They have the American consumer to thank for that. China isn't forcing anything down our throat. We are all willing participants.

And when I write we, above, I mean we as in the citizens of the USA. Most members of GJ notwithstanding.

 

[stricht8]

No, they do not. They have the American consumer to thank for that. China isn't forcing anything down our throat. We are all willing participants.

And when I write we, above, I mean we as in the citizens of the USA. Most members of GJ notwithstanding.

Yes, but the American consumer gets tempted by cheaper prices. There is so much Chinese stuff flooding the market that in many instances we don't even have the opportunity to choose American. It has seriously become an effort to find something US made nowadays.

 

[kwhitelaw]

Sure I could let it go, sure I could look the other way and move on when I see an elderly person slip on the ice and fall, plenty do. Maybe when I walk up to a door to enter a building and there is a person a little ways behind me with their arms full I should rush in, let the door close and let them stumble to open the door rather than hold it open for them, I see plenty of people do it. But that’s not my 'style', I do something, I say something. Should I change my ways to appease you and other people that buy Asian imports, to save a few dollars, to make you and them happy? Ain't going to happen. To suggest I shouldn't say anything as I watch this country fall to pieces when some peoples biggest concern is saving 50 cants rather than helping out there fellow citizens. There's an ignore feature on the board I'm sure someone can explain to you how to use it, that or you could just whine about it, everybody loves a whiner.

jesus, pump your brakes... im sure the demise of this company is related to harbor freight.... we all get it, you dont like asian imports..hopefully you live by that with EVERYTHING you purchase in your life.

EVERYTHING. no one likes a hypocrite.

 

[kwhitelaw]

Yes, but the American consumer gets tempted by cheaper prices. There is so much Chinese stuff flooding the market that in many instances we don't even have the opportunity to choose American. It has seriously become an effort to find something US made nowadays.

then blame that on the companies choosing to purchase overseas..

 

[Fedwrench]

Chapter 11 doesn't necessarily mean the end of Pratt Reed. All of you loyal Pratt Reed users need to go buy their new screwdrivers from retail dealers to support them in these difficult times. It's sad that another American Tool Company is on the ropes but, I've never cared for their screwdrivers. From the lowest bidder supplied government models to the ones labeled Craftsman, I just haven't had decent service from them. They're not expensive but, I'd rather pay a little more to get a better screwdriver. Come to think of it, with the exception of a Snap on #2 phillips screwdriver, I can't think of an American made screwdriver I really like. I guess I'm contributing to the downfall of America by buying Wiha, Witte, Wera, Proto (Red & Grey), and SK. I'm not really fond of any Aisan sourced Screw Drivers either but, I do like the European models.

 

[Bull]

I've never liked cheap Asian tools/****, but of course pieces have snuck into my tool box over the years. I'll admit freely that Mickey pops into my head in recent months when the thought of purchasing an import enters my brain. I try to avoid it even harder, but I am sure I wont always win.

 

[jmauld]

No, they do not. They have the American consumer to thank for that. China isn't forcing anything down our throat. We are all willing participants.

And when I write we, above, I mean we as in the citizens of the USA. Most members of GJ notwithstanding.

Except for the fact that the Chinese government devalues their currency, exploits their children and allows rampant pollution of their lands. Our factories don't stand a chance against that it's the exact same path the Japanese did to make their cars a viable alternative in the 60-70s. Without that government aid they would've never made it. Shame on us for letting this happen.

 

[mkdive]

jesus, pump your brakes... im sure the demise of this company is related to harbor freight.... we all get it, you dont like asian imports..hopefully you live by that with EVERYTHING you purchase in your life.

EVERYTHING. no one likes a hypocrite.

I have to say I somewhat agree on this.

I do think for many reasons its good to by "Made in USA" products...god knows I could do a better job at it. But the more I think about it....these days it would be very hard for anyone to buy 100% of their food, electronics, fuel, cars, clothes, etc (ever day items)...from only the United States. It would be almost impossible if you ask me.

 

[Bull]

I do think for many reasons its good to by "Made in USA" products...god knows I could do a better job at it. But the more I think about it....these days it would be very hard for anyone to buy 100% of their food, electronics, fuel, cars, clothes, etc (ever day items)...from only the United States. It would be almost impossible if you ask me.

The counterpoint to this is to say that it is so hard to find US-made products now because we let the manufacturing base fly out the door for too long. Hard to get the lightning back in the bottle. But continuing to buy cheap foreign goods certainly isn't going to help the few remaining domestic companies hold on to to their lifeline very well.

 

[jcfields]

I just wrote up a quick Wikipedia page for Pratt-Read, and one of the documents I dug up while doing so was interesting:

In 2006, sales for Pratt-Read were at $26.2 million but have since dropped significantly within recent years to a projected $12 million for 2009. The Company’s decline has been a direct result of their 30 year relationship with their former #1 customer Sears. Since mid-2004 the cost of steel and acetate have both risen some 55% in cost. These two commodities comprise 65% of the costs of a screwdriver. Sears was unwilling to offset these cost increases and therefore Pratt-Read was forced to sell products to Sears at close to zero percent margins. At the same time Sears began increasing the time period in which they paid Pratt-Read for products. Because of these growing issues, in June 2009, Pratt-Read informed Sears that they would no longer be able to support them as a customer. As a consequence of the recession, other Pratt-Read customers started to become increasingly delinquent on payments causing Pratt-Read’s accounts receivable to balloon. The resulting releasing of Sears as a customer and an ever-increasing AR, forced Pratt-Read to file for Chapter 11 bankruptcy on March 19th, 2009.

 

[kwhitelaw]

I just wrote up a quick Wikipedia page for Pratt-Read, and one of the documents I dug up while doing so was interesting:

interesting....good read.

now let's get back to blaming china and harbor freight for everything..

 

[bchee]

I wonder why acetate is so expensive. I also wonder if channellock could ever go out of business.

 

[oldtools]

No big deal we can get screwdrivers from GearWrench and Harbor Freight, plus those people working there can just sell their homes, move into Section 8 housing, go on welfare and collect food stamps. Keep buying those Asian tools.

Even if there is no Chinese tools in America, the majority of American would not buy SO, MAC, MATCO, etc simply because they can't afford it. No one said America can not produce cheap tools for these people, but America choose not to. The Chinese step in to fill that void.

You always seem to criticise those that buy Asian tools (because it take job away from American), but you never seem to criticise those that buy European tools (which also take job away from Americans). I don't think your issue is job loss for Americans.

 

[tonydanzah]

More often than not, european tool manufactures pay there employees a decent wage, follow safety guidelines, probably offer some sort of insurance. China on the other hand is quick buck market with very little reguards to workers health or safety, and love to dump toxic run off into streams that a local community drinks from.

 

[TireTracks]

I just wrote up a quick Wikipedia page for Pratt-Read, and one of the documents I dug up while doing so was interesting:

INteresting. I can see why they were haveing issues, I bought a set of screwdrivers for $1 a piece a while ago.

I think ( and this is a guess) that they make the screwdrivers for ace hardware.

 

[mikeceli]

One word - WalMart The US consumer is addicted to low priced imported goods. All we have to do is pass a law. Any good imported into the US must be certified to have been made under the same environmental regulations, worker minimum wage and safety regulations as in effect here. End of story. Of course, virtually every consumer good would go up in price 25% to 50% overnight.

I've been to China and the third-world hell-holes flooding our markets with low-priced goods and driving our manufacturers out of business. You wouldn't want to live there, but by trading short term savings for long-term security, we are headed down to their level sooner rather than later.

thnx, jack vines

You Sir, hit the nail right on the head!

 

[stricht8]

then blame that on the companies choosing to purchase overseas..

I am. I don't blame China per se. I am blaming the American consumer, American politics and the American companies. As far as buying everything USA-well that is impossible as we have limited choice. We can only do our best to avoid Chinese stuff.

 

[stricht8]

Even if there is no Chinese tools in America, the majority of American would not buy SO, MAC, MATCO, etc simply because they can't afford it. No one said America can not produce cheap tools for these people, but America choose not to. The Chinese step in to fill that void.

You always seem to criticise those that buy Asian tools (because it take job away from American), but you never seem to criticise those that buy European tools (which also take job away from Americans). I don't think your issue is job loss for Americans.

It's a combination of reasons. Poorer quality (not always, but more so than US or EU tools), bad for economy, bad for world environment. EU tools are by far the lesser of the two evils - they are so well made that I can't help myself. The Chinese tools are so cheap that others can't help themselves. There are always a few exceptions such as Gearwrench as many on this forum have stated because they make exceptional quality tools.

 

[Major Ramifications]

I would be surprised if there were not some union to blame for this.

 

[Hiball]

I would be surprised if there were not some union to blame for this.

LOL... I knew this thread like any other would come full circle eventually, First we blame the chinese, Then the American consumers and Now the union workers have finally got there wish and forced a company that originated in 1798 into Chapter 11. It took 200 years but those Unions finally got em. SWEET.......















/On a serious note im not sure if there estimated 140 employees are union or not im just making assumptions like everyone else to up my post count.

 

[vssjim]

alot of European tool companies are moving production also they just don't have the laws we do to state country of origin. Sears has alot of problems under the new ownership but not letting prices change by lowering quality of suppliers will be the death of them.

 

[posaune]

Should I change my ways to appease you and other people that buy Asian imports, to save a few dollars, to make you and them happy? Ain't going to happen. To suggest I shouldn't say anything as I watch this country fall to pieces when some peoples biggest concern is saving 50 cants rather than helping out there fellow citizens. There's an ignore feature on the board I'm sure someone can explain to you how to use it...

You could ignore these threads as easily as I could ignore you. That said, I had four paragraphs written but I deleted them so as not to turn this as with EVERYTHING ELSE into a thread about X v. America.

...that, or you could just whine about it, everybody loves a whiner.

Well done. Yeah, that helps.

 

[jcfields]

Ideal Industries acquires Pratt-Read. This comes shortly after their acquisition of Western Forge. Another one doesn't bite the dust.

 

[bchee]

Just read that article. Ideal imports PLENTY of stuff, so I don't know what they mean when they say they are committed to USA manufacturing.