BizAims

P&F Industries, Inc. (P&F), incorporated on April 19, 1963, operates in two primary lines of business, or segments: tools and other products (Tools) and hardware and accessories (Hardware). The Company conduct its Tools business through a wholly owned subsidiary, Continental Tool Group, Inc. (Continental), which in turn operates through its wholly owned subsidiaries, Florida Pneumatic Manufacturing Corporation (Florida Pneumatic) and Hy-Tech Machine, Inc. (Hy-Tech). The Company conducts its Hardware business through a wholly owned subsidiary, Countrywide Hardware Inc. (Countrywide), which in turn operates through its wholly owned subsidiaries, Nationwide Industries, Inc. (Nationwide), Woodmark International, L.P. (Woodmark) and Pacific Stair Products, Inc. (Pacific Stair).

Tools

Florida Pneumatic imports, manufactures and sells pneumatic hand tools, primarily for the industrial, retail and automotive markets, and imports and sells compressor air filters. This line of products includes sanders, grinders, drills, saws and impact wrenches. These tools are similar in appearance and function to electric hand tools, but are powered by compressed air, rather than directly by electricity. Air tools, as they are also called, are generally less expensive to operate, offer better performance and weigh less than their electrical counterparts. Florida Pneumatic imports or manufactures approximately 75 types of pneumatic hand tools, of which are sold at prices ranging from $50 to $1,000, under the names Florida Pneumatic and Universal Tool, as well as under the trade names or trademarks of several private label customers. These Florida Pneumatic products are sold to distributors, retailers and private label customers through in-house sales personnel and manufacturers' representatives.

Florida Pneumatic purchases approximately 63% of its pneumatic tools from a Far East trading company that owns or represents 21 individual factories in Japan, Taiwan and China. Of the total pneumatic tool purchases in 2008, approximately 8% are bought from Japan, 25% from Taiwan and 65% from China. Florida Pneumatic performs final assembly on certain of its pneumatic tools at its factory in Jupiter, Florida. Florida Pneumatic also markets, through its Berkley Tool division (Berkley), a product line which includes pipe and bolt dies, pipe taps, wrenches, vises and stands, pipe and tubing cutting equipment, hydrostatic test pumps, and replacement electrical components for a widely-used brand of pipe cutting and threading machines.

In addition, through its Franklin Manufacturing (Franklin) division, Florida Pneumatic imports a line of door and window hardware. Franklin imports and packages approximately 275 types of hardware products, including locksets, deadbolts, door and window security hardware, rope-related hardware products and fire escape ladders.

Hy-Tech manufactures and distributes pneumatic tools and parts for industrial applications. Hy-Tech manufactures approximately sixty types of industrial pneumatic tools, of which are sold at prices ranging from $300 to $7,000, under the names ATP, Thaxton, THOR and Eureka, as well as under the trade names or trademarks of other private label customers. This line of products includes grinders, drills, saws, impact wrenches and pavement breakers. Hy-Tech's products are sold to distributors and private label customers through in-house sales personnel and manufacturers' representatives. Users of Hy-Tech's tools include refineries, chemical plants, power generation facilities, the heavy construction industry, oil and mining companies and heavy industry. Hy-Tech's products are sold off the shelf, and are also produced to customer's orders.

Hardware

Nationwide is an importer and manufacturer of door, window and fencing hardware, including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Nationwide's products are sold through in-house sales personnel and manufacturers' representatives to distributors, retailers and original equipment manufacture (OEM) customers. End users of Nationwide's products include contractors, home builders, pool and patio distributors, OEM/private label customers and general consumers. Nationwide's sales are of products imported from Taiwan and China.

Woodmark is an importer and distributor of residential hardware and other accessories for new construction and home improvement applications, including wood and iron stair parts, as well as kitchen and bath hardware, such as residential plumbing fixtures. Woodmark's stair products are sold through in-house sales personnel and manufacturers' representatives to: one- and two-step distributors of construction components who in turn sell to carpenters, home builders and the retail channel; distributors who specialize in stair parts and staircase installation; and stair parts manufacturers who outsource certain components from other manufacturers. Woodmark's residential plumbing fixtures are sold through in-house sales personnel and manufacturers' representatives to: plumbing wholesalers and distributors, retail outlets through purchasing cooperatives, hardware wholesalers and OEMs, distributors to manufactured housing-recreational vehicle industries and distributors specializing in maintenance and repair supplies.

Pacific Stair was a manufacturer of stair rail products as well as a distributor of staircase components serving the building industry, primarily in southern California and the southwestern region of the United States. Pacific Stair continues to operate as a distributor of stair parts and rail products. Similar to Woodmark, Pacific Stair's products are sold through both in-house sales personnel and independent sales reps to: traditional one- and two-step distributors of construction components who in turn sell to carpenters, home builders and the retail channels; distributors who specialize in stair parts and staircase installation, and stair parts manufacturers who outsource certain components from other manufacturers.

Source: reuters.com;