July 2012 News
Leatherman Tool Group, Inc. Acquires Seattle-based PocketToolX™
Portland, OR, July 18, 2012 - Leatherman Tool Group, Inc. (LTG) announced today that they have signed a definitive agreement to acquire the PocketToolX™ Company, manufacturer of the unique, single-piece multi-tools. Terms of the transaction were not disclosed.
Founded in 2009, PocketToolX (PTX) introduced the idea of single-piece, multiple function tools into the mass market with several models. The company had designs for new models in the works when the acquisition took place and LTG will be reviewing those for possible future introductions.
"We had a great time found, running and promoting the PTX products," said co-founder Justin Knowles. "D.J. and I decided it was time to try out something new and we wanted to find the right company to hand our creation to. One that we knew could take it to the next level and keeping the integrity of the brand and product engineering."
LTG will begin selling the PTX tools in August under the Leatherman brand name but contine using existing PTX model names: The Brewzer™ Keychain Tool, the Mako™ Bike Tool, and the Piranha™ and Piranha Ti (titanium) Pocket Tools. All Leatherman single-piece multi-tools will be covered under the company's 25-year, no-questions-asked warranty.
"We've had plans to make a line of single-piece tools for a while now," said VP of Business Development and Principal Design Engineer, Ben Rivera. "When we met Justin and D.J. and saw the quality of the PTX products and the engineering that went into them, we knew it would be a great way to execute that plan quickly and expand our current product line. It really was a perfect match."
Leatherman single-piece tools will be available through current Leatherman multi-tool retail and distribution channels as well as online. New shipments to retailers will begin going out in August of 2012.