Ideal Industries Inc. of Sycamore, Ill., signed a definitive agreement to acquire Western Forge, a Colorado Springs, Colo.-based manufacturer of pliers, screwdrivers and adjustable wrenches. The company, which will continue to be known as Western Forge, will become a wholly owned subsidiary of Ideal. The acquisition includes Western Forge’s 345,000-square-foot manufacturing plant, which offers forging, heat treatment, machining and plating operations. MW Universal Inc. of Paris, Ky., bought Western Forge two years ago for $40 million.

Ideal said they acquired Western Forge as part of a strategy to expand the company’s reach into the consumer market. Ideal primarily makes tools used in the construction, maintenance, communications and manufacturing industries. Last year, Western Forge had to lay off 20% of its workforce. However, the company finished the year on a positive note and re-hired some temporary workers.