ToughBuilt Industries Inc (TBLT)

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ToughBuilt Announces New Expanded South American Distribution Agreement With Sodimac
The Company has completed an extended agreement with Sodimac.
Sodimac is the largest home improvement supplier in South America
Expanded agreement brings ToughBuilt to market in all countries in the region.
Agreement begins with 15 initial in-store SKUs and 23 SKUs in Sodimac’s online market.
IRVINE, Calif., Jan. 25, 2023 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW), is pleased to announce that the Company is expanding its distribution agreement with Sodimac, the largest home improvement and construction supplier in South America; In this extended agreement, stores in Chile, Peru, Argentina, Colombia, Brazil, and Uruguay will initially begin with 15 SKUs in-store and brings 23 SKUs to Sodimac’s online marketplace.

Latin America represents a large portion of the $17.5Bn USD Global Hand Tools Market, with a projected regional growth of 3.9% CAGR through 20271. LATAM customers will find ToughBuilt products in a wall display featuring some of the best-selling SKUs in the Company’s line.

Michael Panosian, Chief Executive Officer of ToughBuilt, stated, “This expansion of our partnership with Sodimac increases opportunities for overall revenue success through the capture of additional Latin American market share.” He continued, “We are proud to continue outfitting pros across South America with our innovative products.”

1 ReportLinker. (2022-10-10). Global Hand Tools and Accessories Market to Reach 23 Billion by 2027 – Globe Newswire https://www.globenewswire.com/news-release/2022/10/10/2530924/0/en/Global-Hand-Tools-and-Accessories-Market-to-Reach-23-Billion-by-2027.html