Kenosha-based Snap-on Inc. will acquire Illinois-based Sturtevant Richmont for approximately $13 million in cash, the company announced Thursday.
Headquartered in Carol Stream, Illinois, Sturtevant Richmont designs, manufactures and distributes mechanical and electronic toque wrenches along with wireless toque error proofing systems for a variety of industrial applications. The company has annual sales of roughly $10 million.
The new company will be part of Snap-on’s commercial and industrial tool group, a segment that had almost $1.2 billion in sales in fiscal 2015.
Snap-on said the acquisition would enhance and expand its capabilities in providing solutions to address torque requirements, “which are increasingly essential to critical mechanical performance.”
Sturtevant Richmont has approximately 50 employees and the company will continue operating at its Carol Stream facility, according to Snap-on spokesman Rich Secor.
