ToughBuilt Industries Inc (TBLT)

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Toughbuilt Industries Announces the Launch of New Handheld Wrenches
January 30 2023 - 08:30AM
GlobeNewswire Inc.
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ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW) announced today the launch of more than 20 new SKUs into the Handheld Wrenches segment, including adjustable wrenches, construction wrenches and pipe wrenches.
ToughBuilt's launch into the wrenches category responds to the growing demands of a global hand tools market projected to grow to US $31.8 billion by the end of 2030, according to a 2022 market research report1. These new wrenches will be made available for purchase through leading US home improvement retailers and across ToughBuilt's growing strategic networks of North American and global trade partners and buying groups, servicing over 18,900 storefronts and online portals worldwide.

ToughBuilt Co-Founder and CEO Michael Panosian commented, “We are pleased to launch these 20 additional hand tool SKUs into the wrench segment and anticipate that they will create further revenue opportunities for the company.” Panosian continued, “We believe these new product offerings will continue to build ToughBuilt’s reputation for quality, and we intend to expand the company's products into additional segments throughout 2023 and the coming years."

1 Valuates Report. (2022-02-10). Hand Tools Market Size to Reach USD 31,817.3 Million by 2030 at CAGR 4.2% - Valuates Reports https://www.prnewswire.com/in/news-releases/hand-tools-market-size-to-reach-usd-31-817-3-million-by-2030-at-cagr-4-2-valuates-reports-806971891.html