DRAPER — Nebo Products said Tuesday it has acquired the assets of Straightway Tools.
Financial terms were not disclosed, but the acquisition includes patents, inventory and contracts relating to the proprietary Straightway line of expandable construction levels marketed through Lowe's, Sears Hardware, Orchards and Menards in the United States.
Nebo said it has moved production of the levels offshore to manufacturers in Asia, which is expected to significantly decrease production costs and increase margins.
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Draper-based Nebo Products distributes hardware and sporting goods.