Investor Relations| P & F INDUSTRIES ANNOUNCES $27 MILLION BANK FACILITY
Harriet Fried/Klea Theoharis
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P & F INDUSTRIES ANNOUNCES $27 MILLION BANK FACILITY
FUNDING FROM EUROPEAN AMERICAN BANK
P & F will use part of the credit line to accelerate the significant factory improvement programs they have already begun. These programs include the integration of some formerly outsourced manufacturing processes into Embassy Industries' factory and the reconfiguration of Florida Pneumatic Manufacturing Corporation's warehouse facility to add a substantial amount of usable square footage. In addition, the EAB line will help fund P & F's growth both internally and externally, as it acquires new companies to complement its two wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation and Embassy Industries, Inc.
Richard A. Horowitz, Chairman, President and C.E.O. of P&F said, "EAB has committed to being a genuine partner in our endeavors. We have often stated our strategy of growth through continuous improvements in our existing operations and the acquisition of companies that will extend our existing product lines and/or provide us with distribution into new markets. We will now have extensive resources to achieve our goals."
Mr. Horowitz added, "Although we have had six consecutive years of earnings growth and have excellent relationships with major customers, we look forward to an even brighter future with EAB working alongside us."
P & F Industries, Inc., through its two wholly-owned subsidiaries manufactures and imports air-powered tools, baseboard and radiant heating products. The Company also imports various security hardware items and compressor air filters, markets a line of pipe cutting and threading tools and makes heavy duty pipe wrenches. P & F' s products are sold under their own trademarks, such as Tradesman and Franklin, as well as under the private labels of major retailers.
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