Goldblatt Tool acquired by investment group

Goldblatt Tool Co., established in 1885, is now Goldblatt Industries, after the company was acquired by an international investment group.

The Olathe, Kan.-based tool manufacturer, will continue to design, manufacture and market a full line of Goldblatt, Pace-Setter and private-label hand tools out of Kansas and Shanghai, China. The new entity will be led by newly named president Derek Seitz.

“This new organization will allow Goldblatt to better serve our customer with innovative products, exceptional service and global resources that will help our partners better manage the nature of business today,” Seitz said.

In a statement, Goldblatt said the new company would bring “a renewed focus on new technology for the construction hand tool market.”

One of the company’s products often on display at trade shows is the Blade Runner, a handy drywall cutter that earned a Popular Mechanics award.

Terms of the acquisition were not revealed.