Steelmax Tools and Fab Tool Technologies announce merger
Merger positions Steelmax to become a dominant supplier of tools and equipment to the welding and fabrication industries.
Steelmax Tools LLC and Fab Tool Technologies, LLC announce that they have entered into definitive agreements and closed on the merger of Fab Tool Technologies, LLC into Steelmax Tools LLC in a private transaction. The acquisition and merger of Fab Tool Technologies' business into Steelmax Tools is effective immediately and all employees of Fab Tool Technologies, led by Edward Celesti, have joined the Steelmax team.
The combined company, which will operate as Steelmax Tools LLC and use the Steelmax brand, will be a leader in the production and distribution of fabrication tools and equipment. The combination enables both companies to immediately expand their product offerings and distribution capabilities.
The combined company will be led by Kevin B. Allen, President and Chief Executive Officer, Peter N. Smith, Senior Vice President and Chief Operating Officer, and Edward Celesti, Senior Vice President - Global Business Development. Michael Meyer, Vice President, will continue to lead Steelmax Tools' sales organization.
Mr. Allen said "This transaction represents the first step in our long-range plan to build Steelmax into a dominant supplier of tools and equipment to the welding and fabrication industries. We are thrilled to welcome Ed and his team to the Steelmax family. The immediate expansion of the Steelmax product line and Ed's long and successful history in our business will be key factors in the continued growth and success of the Steelmax brand as we move forward."
Mr. Celesti added "We are incredibly excited and happy to join the Steelmax team. With Kevin's and Pete's vision and leadership, the merger of our companies will create a synergy that brings significant value to our customers, distributors and business partners around the globe."
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