Greatstar speaks

[lardy1]

For anyone wanting company Kool Aid.

 

[reader2580]

He talks about continuing production in the USA, but didn't Greatstar buy Adjustable Clamp and move pretty much all production to China?

 

[lardy1]

A couple things caught my attention. That they own Pony/Jorgensen. I've been buying imported clamps from them. I also caught near the end where he mentions professional tools and retail tools. I just wanted to share it. I'm sure every conclusion conceivable will be jumped to but a lot of people have been asking and it's something fairly recent.

 

[VolvoRyan]

He's saying all the right things. Anyone who thinks SK was in a "good place" under Ideal is smoking crack. It hit me a year ago that SK was either going to fizzle and die, or some entity with deep pockets would try to do something with the brand. We'll have to wait and see. I have $10K spent on SK tools in the last 2 years when I re-tooled the shop, so I've got a pretty big interest in what happens.

-Ryan

 

[four.cycle]

As disconcerting as this is for some, in a larger context it should be taken into consideration that acquisitions and takeovers are nothing new in the tool making business.
Tool makers buying out other tool makers has been going on since the late 19th century.
From the material I've recently uncovered, it appears that buying out competitors has been part of Stanley's business model from the beginning, starting with boxwood rulers.

I can't speculate on the veracity of Mr. DuBoff's statements, and my Ouija Board is not cooperating with me today, so I think we'll just have to wait and see what happens.

 

[zendriver]

Has anybody ever been part of a merger or acquisition where the new owners didn’t lie through their teeth?

“ looks like you guys are doing a great job here so we see no need to make any changes!”

just curious since I’ve been through many and I’ve yet to see it.

 

[scooby074]

Professional and consumer lines? Could be interesting.

They talk about being committed to US manufacture and mention Arrow, yet isnt Arrow about 90% China production? And Jorgenson is100% china now isnt it?

One thing they need to go from my perspective is make more inroads to Canada. SK under ideal was basically not available up here and had next to no distribution.

 

[Finance Guy]

Folks here can say whatever they want --- and no doubt they will --- but if Great Star hadn't purchased SK, it's very likely that SK's fate would have resembled Pratt Read's.

If there is ANY hope remaining for SK's future as an American tool manufacturer, it is entirely thanks to Great Star stepping in.

 

[Finance Guy]

That they own Pony/Jorgensen. I've been buying imported clamps from them.

They talk about being committed to US manufacture and mention Arrow, yet isnt Arrow about 90% China production? And Jorgenson is100% china now isnt it?

Hadn't production already been offshored prior to Great Star stepping in?

 

[Ton ton]

Thank you for sharing, lardy 1.

 

[neophyte]

Hadn't production already been offshored prior to Great Star stepping in?

From what I recall, there may have been employee or union issues with Jorgensen/Pony, and possible issues with new managers, screwing stuff up big time, or maybe embezzlement or theft.
It’s been a while, and I don’t recall all the details or how widely the details leaked out, but there were major issues.
Also, wasn’t the manufacturing still being done in Chicago with Jorgensen when they closed? I presume if so, taxes might have been an issue, as well a regulations, since major cities sometimes don't treat manufacturing businesses well.