FINANCE

Fitchburg cutting-tool company purchases SC firm

Lisa Eckelbecker
lisa.eckelbecker@telegram.com

FITCHBURG – Simonds International, a maker of cutting tools, has acquired U.S. Blades LLC of Florence, South Carolina, for an undisclosed sum.

The deal is the third in the last 16 months for Simonds, a privately held company.

Simonds Chief Executive Ray Martino said the transaction expands Simonds’ service offerings, particularly in wood mills where blades and cutting tools are used.

“We’re always looking for some way to expand the revenue per customer, expand the geographic reach and strengthen our relationship with the customer,” Mr. Martino said.

In addition to its South Carolina office, U.S. Blades has facilities in Maine, Louisiana and Mississippi.

The deal brings Simonds employment to just under 600 workers at 17 locations in North America, according to Mr. Martino. About 100 of those workers are employed in Fitchburg.

Simonds’ headquarters will remain in Fitchburg, and Mr. Martino will be chief executive of the merged business.

Simonds has been growing by acquisition as a strengthening economy and improving home-building market has allowed the company to generate enough cash for deals, Mr. Martino said.

In January, Simonds merged with Burton Saw of Oregon. In May 2017, it merged with B.G.R. Saws, a maker of band and circular saw blades based in Canada.