Pratt-Read is closing
- Thread starter glenng
- Start date
I just saw that video. I think we all knew this was coming once SK sold and Menards started replacing their PR made drivers with Chinese ones.
They also mentioned something about discontinued SK sets being sold at a discount. Sounds like SK probably won’t be made in the US anymore.
If you think about it, Sears demise took down Western Forge, PR, SK and a bunch of other companies. Sears had a real impact on the non-pro grade tool manufacturing. There’s noone making cheaper consumer grade tools in the US anymore.
They also mentioned something about discontinued SK sets being sold at a discount. Sounds like SK probably won’t be made in the US anymore.
If you think about it, Sears demise took down Western Forge, PR, SK and a bunch of other companies. Sears had a real impact on the non-pro grade tool manufacturing. There’s noone making cheaper consumer grade tools in the US anymore.
Ton ton
Well-known member
You can still get USA made Tekton screwdrivers. I know the quality is a bit cheap.
bcschief
Well-known member
Non pro grade huh I made a lot of money as a pro mechanic during the 70s 80s and 90s and early 2000s with Craftsman tools because I refused to buy into that notion.
Everyone blames Sears, but knowing what we know now, the future of Apex was to kill off their USA manufacturing, some of their own brands, and move everything overseas. I wonder how much of a choice Sears even had with the Danaher/Apex made tools going overseas.
Finance Guy
Well-known member
So here’s a controversial, yet genuine, question … so what? I have never read anyone on here recommending PR for their iconic screwdrivers.
Notice that they’re shutting it down, not selling it … that’s because there are no buyers. Doesn’t that fact alone tell us something?
I’m certainly not celebrating the news, but in a dynamic market economy things change, some companies rise, others fall. When I consider my future tool purchases, PR wasn’t even on my radar … or, apparently, anyone else’s. So from my perspective, it’s out with the old (PR), in with the new (Tekton?) … keep up or get out.
Notice that they’re shutting it down, not selling it … that’s because there are no buyers. Doesn’t that fact alone tell us something?
I’m certainly not celebrating the news, but in a dynamic market economy things change, some companies rise, others fall. When I consider my future tool purchases, PR wasn’t even on my radar … or, apparently, anyone else’s. So from my perspective, it’s out with the old (PR), in with the new (Tekton?) … keep up or get out.
Oh, I bet! What Im trying to say is that there are tools for different price points that cater to different customer segments. Tools available to the general public that you typically find at box stores are typically less expensive than the tools sold out of tool trucks. And to your point, the differences may be so immaterial or none at all and really don’t enhance the performance or outcome if its use. So a pro mechanic can use a cheaper Channellock philips #2 and still get the same results as if they used a Snap On driver.
My point is that there are hardly any North American brands with US/Canadian production that cater to the DIY, non-Pro customer base. This customer base is what creates volume and keeps a plant running. All we now have left is SnapOn (Williams), Proto/Mac, Wright, Cornwell and Matco that make hand tools that mostly cater to the professional user customer base which are sold at a premium. And even those brands either carry a lot of offshore products or are being sold like SK. And with a decreasing manufacturing base or one that’s becoming more automated, this segment will continue to get more competitive and fight for customers.
It seems like a no-brainer that in order to survive and earn more, the DIY and box store market offerings should be explored. And with automation, difference in labor costs would be less of a concern and thus make production costs more reasonable to offer at a lower price point.
We still have Klein, Channellock that are a bit more expensive but not SnapOn expensive and with good marketing, they’re able to sell at a higher price. So it can be done. I thought the new Craftsman plant in TX was supposed to start US hand tool production but with the recent new Taiwanese made V series products that are sold at a huge premium, I wonder if they’re rethinking this. I would assume any premium craftsman products would come from the TX to justify the higher cost but I guess I was wrong.
Lesserstore
Well-known member
Dzmaxx77: I thought someone on GJ mentioned that PR actually made Tekton’s drivers.
I read somewhere that the blades were made by Wilde and the handles by someone else. It would make sense because Wilde already makes Tekton punches, chisels, pry bars, and pliers. I also read somewhere that they were made by Great Neck, but I doubt that.
I read somewhere that the blades were made by Wilde and the handles by someone else. It would make sense because Wilde already makes Tekton punches, chisels, pry bars, and pliers. I also read somewhere that they were made by Great Neck, but I doubt that.
Finance Guy
Well-known member
There is no real evidence to support these claims … in fact, the available evidence contradicts them.
Yes, Im sure when looking at margins and what it would take to modernize equipment and processes to increase profit, they decided the return in investment will take too long and effect their positions and huge bonuses.
And I believe thats what drives a lot of decisions with US manufacturing. It’s this short term planning that looks to meet their 5-10% annual profit margin increases that is killing a lot of North American industry. Im curious how the Germans and Japanese seem to still have a reasonable manufacturing base and we are losing a lot of it.
Reasons are complex and we need to understand the root cause so we can avoid any further closures.
And it’s really hard to compete globally when Western companies have shareholders and profit targets to meet with companies owned with government owning a major portion who doesnt care about profits as much as they care about dominating and shutting down competition to make other countries wholly dependent on them.
We need to think about this reality and maybe accept solutions that not all of us may like.
Great! Feel free to show that evidence! I hope I am wrong and you’re right.
Ahh you’re probably right. I couldn’t remember who it was…
Didn't the "company" actually die and their factory closed 10 years ago? According to the Internet Ideal Ind was just using the name on products made elsewhere. 
Personally, I've never owned a P-R screwdriver and don't even recall seeing one at the hundreds of estate auctions I've attended. No doubt they were good, just like endless other brands.
Personally, I've never owned a P-R screwdriver and don't even recall seeing one at the hundreds of estate auctions I've attended. No doubt they were good, just like endless other brands.
Ton ton
Well-known member
Dave from Tekton said their screwdrivers come from various manufacturers. That's what I remember reading.
Tekton is one of few tool companies that is at least is making an effort to have some local production unlike Sonic, Genius and Gearwrench. They have their laser cut process that helps reduce production costs. They’re working with Wilde, Ernst and others to contract manufacture locally instead of China and Taiwan.
If politics is the reason to dislike Amash and his company, that’s your right. I don’t care if he was critical of certain people or not. I do care that he employs people ans that’s what matters most.
heres what ive always thought: when theres no demand for cheap junk, there wont be any cheap junk
Finance Guy
Well-known member
This post is STEEPED in ignorance … it’s also political, and the wrong forum for such a conversation.
Wrench97
Well-known member
Interesting read, according to this article Pratt-Read haven't had a plant to make tools since 2010.
So perhaps Ideal labeled drivers are from the old P-R tooling? > https://toolguyd.com/pratt-read-usa-tool-brand/
So perhaps Ideal labeled drivers are from the old P-R tooling? > https://toolguyd.com/pratt-read-usa-tool-brand/
Bubba Fett
Well-known member
Pratt-Read is the company that made screwdrivers for Tekton. Most of their drivers were made for other companies/brands, including Craftsman, Master Mechanic, Masterforce, Channellock, and nearly every other US brand, except Klein.
I didn’t claim sources of employment as majority or minority. Most of Tektons tool offerings are from Taiwan and China. Still, they at least have some im house manufacturing and contracting with US suppliers. Harbor Freight has zero. GearWrench has next to no North American production or contracting with NA companies. Kobalt, Husky, same thing.
I incorrectly referenced Sonic, I meant Olsa which are based in Canada.
Who’s going to make their drivers now?
yea something like that…
Bubba Fett
Well-known member
Great Neck, maybe. Though I suspect Great Neck got their driver blades from P-R. Assuming they want to keep production in the US, of course.
Bubba Fett
Well-known member
I'd be money you have quite a few Pratt-Read screwdrivers, considering they were an OEM for many other brands.Didn't the "company" actually die and their factory closed 10 years ago? According to the Internet Ideal Ind was just using the name on products made elsewhere.
Personally, I've never owned a P-R screwdriver and don't even recall seeing one at the hundreds of estate auctions I've attended. No doubt they were good, just like endless other brands.
Hotrod33809
Active member
The few comments from people who say they have never heard of or seen pratt-read screwdriver so they don't care is funny. Especially since pratt-read was THE oem screwdriver manufacturer for many years. If you have used a made in USA screwdriver there is a better chance than not it was a Pratt-Read.
Finance Guy
Well-known member
…and yet nobody was willing to buy the company. I personally don’t think there is a market for low/mid-tier USA-made screwdrivers … remember that Dewalt’s recent experiments with USA-made screwdrivers have also been discontinued. Taiwan will likely pick up the slack, and pick it up well, I’d expect.
DemoFly
Well-known member
Because as much as we like to pretend, nobody enjoys subsidizing US manufacturing at the checkout counter. The products we buy need to be worth the money.
Finance Guy
Well-known member
If U.S. manufacturers need to be “subsidized” by consumers, then they’re not competitive.
I don’t want to travel to far off the reservation with this thread (Mike’s leading that charge), but we really ought to consider why Taiwan — a first world nation/territory in every respect — is so much more competitive than the United States.
BlakeTheCarGuy
ALLIANCE MEMBER
I just picked up a Pratt-Read Craftsman number 3 at the pawn shop yesterday. Q code on it. I’ll agree I haven’t seen too many Pratt Read screwdrivers but I know about them. Probably haven’t seen as many since I mostly have Craftsman screwdrivers and WF was the main manufacturer except a few years that Pratt Read did it. Both either way were good and I trust them. Tekton USA drivers are nice as well. Didn’t know who made them. My Rural King actually had a few packs of PR screwdrivers on closeout I guess it’s been a year or so ago now and I wanted to get them but parents said no cause I had enough screwdrivers 
. Oh well lol.
. Oh well lol.I disagree. I think there’s a market but any effort must have robust marketing.
I didn’t know Ideal was trying to sell PR. I would’ve expected enterprises like GreatStar or Chervon to make a compelling offer if it was.
Look into Taiwan’s history of how it got into the chip game. Like I said before, solutions are there, it’s just Americans may not like them.
US manufacturing needs to have more incentive to innovate. That costs $ and sometimes can pull you in the red until costs are recovered.
However, with short term outlook predicated upon leadership tenure and their measure of personal success which is tied to revenue goals and if public.’, EPS, it’s difficult to move forward.
Supply chain concerns and local production can be an issue if national security. Corp, Scorp, Pship, LLC, LLP - maybe we need another entity type that is a short term designation, with some sheltering to give a company time and freedom to weather the storm so they can upgrade production and innovate new products. Company leadership then could be evaluated on progress of streamlining and new product development w/o the fear of losing shareholder value or incurring losses. Big question there is, who is the guarantor during this interim period? There’s the hard pill to swallow.
Finance Guy
Well-known member
Great Star appears to be a buyer of LAST resort … and it looks like they passed on this as well (surely Great Star was shown PR as well as SK).
I don’t pretend to be privy to PR’s financials, but I would bet they had dropping sales resulting in perpetual losses … it’s probably only worth the liquidation value of the assets.
woody 73
Well-known member
I know you joined in Aug. of 2017 but I did a nice post story back in Dec. of 2017, in case you are interested. Sigh...My tips went over like a lead balloon (I should have said the magic words "TELL ME YOUR TRICKS" and the rest would have been History as they say).
Did you guy's and gal's know that Pratt-read started out by making billiard balls out of ivory tusks, bet you did not know that!
Anyhow the story in question for you on this nice cold night in Oct.
Tips & Tricks 101 Pratt-Read screwdrivers.
Since I joined the GJ a few years back I never heard much about one of the oldest tool companies out there started back in 1798 in lvoryton, Connecticut. They got their start producing billiard balls from elephant tusks imported from Africa. They made their first screwdriver in 1834 and the...
www.garagejournal.com
Finance Guy
Well-known member
I appreciate what you are suggesting, but how is this any different than what Tesla is doing?
This sort of thing happens with venture capital and private equity all the time. My company is raising money right now projecting free cash deficits for the next 3 years … there are plenty of PE funds listening.