In late 1965, Simonds was sold to Wallace-Murray Corporation, one of first of the new wave of large conglomerates, and this began a period of public ownership for the company. Initially, Simonds was a very important part of Wallace-Murray, but as further acquisitions were made, the company shrank in importance. By the time Wallace-Murray itself was acquired by Household International in 1980, Simonds was a very small part of a very large conglomerate, and the business suffered due to lack of focus.
In early 1987, Household announced that it was putting Simonds up for sale. After more than a year on the selling block, key Simonds managers finally put their own deal together to buy the company. On April 18, 1988, senior management along with private investor Greylock Management Co. bought the company, returning it to private ownership. The new company was named Simonds Industries Inc. (interestingly, this was a name the company tried to move toward back in the early 1930's, when the portfolio included power tools and abrasives, but it never stuck), with a new leader, Chuck Doulton, at the helm.
Twenty-three years of conglomerate ownership had not been kind to the company. At the time Simonds was sold to Wallace-Murray, it was a market leader in both wood and metal cutting tools. But by 1988, the company was a shadow of its former self and would require much work to get back on track for the march back to the top. And the new ownership and management team did not waste any time!
In June, the wide bandsaw division of Hannaco was purchased, adding a plant in Greenville, Mississippi, in the heart of the southern lumber market. Also, during the second half of the year, the new ownership consolidated manufacturing by closing facilities in Granby, Quebec; Portland, Oregon; and Chihuahua, Mexico. Then, on January 18, 1989, The Michigan Knife Company was purchased, proving to the marketplace that Simonds was back and here to stay. (For more on this acquisition, see A Lot Of Acquisitions Happen In January) Also, a roadmap was created for new product development and investment in new technology. The first 12 months of private ownership had brought a sea of change!
In the nineteen years since returning to private ownership, Simonds has introduced many new products to the marketplace, fired up a lot of new machinery and technology, completed fourteen acquisitions and opened three joint venture operations. As someone who’s seen a thing or two over so many years, I think it's safe to say that Simonds is well on its way to regaining its position as the #1 supplier of industrial saws and knives in the world.