ELKHART, Ind. - Riverside Tool Corp. has acquired R2 Tool. Terms of the acquisition were not disclosed by Riverside.
Founded in 2016 by Johnny Migedt and based in Elkhart, Indiana, R2 Tool serviced and manufactured cutting tools for wood, plastic and non-ferrous metals. A statement from Riverside Tool said the R2 acquisition will strengthen the capabilities and services of both companies.
“The Riverside Tool team looks forward to working with Johnny Migedt. His tremendous knowledge of the industry and dealers will allow for a seamless transition into his new role as director of distribution sales. Along with the Riverside branded products he will also be working with RKO and General Saw.” said Vern Cameron, CEO Techniks Industries.
Based in Elkhart, Indiana, Riverside Tool specializes in custom profile tooling using carbide, Riverloy and PCD (diamond) materials. Riverside Tool became a Techniks Industries company in June 2016.
The purchase of R2 Tool marks the third tooling firm acquired by Riverside Tool in less than a year. In January 2017 the company acquired Carbide Specialties, a manufacturer and service provider of custom knives, cutters, saw blades and router bits, located in Grand Rapids, Michigan, and in July of 2017 General Saw in Cape Coral, Florida, a manufacture of saw blades for acrylic and plastics.
Headquartered in Indianapolis, Indiana, Techniks Industries also owns Techniks, Inc., Parlec, NAP Gladu, RKO Saw and General Saw. Techniks Inc. provides toolholding, cutting tools, and magnetic workholding solutions sold through industrial distributors. NAP Gladu manufactures diamond and carbide cutting tools, and has 13 locations in the United States and Canada. RKO Saw manufactures PCD and carbide tipped saw blades sold through industrial distributors and OEM relationships. Techniks Industries purchased the Parlec tooling division in April 2017.
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