Elkhart Tooling Company Acquired
Peak Toolworks, a manufacturer of diamond and carbide cutting tools headquartered in Jasper, has acquired Elkhart-based Tooling Concepts Inc. Financial terms of the deal were not disclosed, though Peak says it plans to further invest in the Elkhart region.
Tooling Concepts was founded in 1998 by Joe Wilkins. Peak Toolworks says the acquisition will capitalize and build on each company’s success in the markets they serve.
“We are thrilled to be partnering with Joe and the outstanding team members at Tooling Concepts,” Peak Toolworks Chief Executive Officer Kerry Baskins said in a news release. “Peak has been very active in the Elkhart and Michiana area for many years. Due to continued growth and at the request of many of our customers, we felt it was important to reestablish a local presence to better enable our expansion plans in the region.”
Peak Toolworks says it plans to host a grand reopening of the Elkhart location this spring.