GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The changes in the carrying amount of goodwill by segment for 2014 and 2013 are as follows:

	Consolidated		Tools		Hardware
Balance, January 1, 2014	$	5,150,000	$	3,277,000	$	1,873,000
Acquisition of ETI, UAT and ATSCO		6,845,000		6,845,000		—
Currency translation adjustments		(15,000)		(15,000)		—
Balance, December 31, 2014	$	11,980,000	$	10,107,000	$	1,873,000

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Other intangible assets were as follows:

	December 31, 2014						December 31, 2013
	Cost		Accumulated amortization		Net book value		Cost		Accumulated amortization		Net book value
Other intangible assets:
Customer relationships	$	13,194,000	$	4,551,000	$	8,643,000	$	5,070,000	$	4,087,000	$	983,000
Trademarks and trade names		2,035,000		—		2,035,000		199,000		—		199,000
Engineering drawings		410,000		120,000		290,000		290,000		97,000		193,000
Licensing		305,000		235,000		70,000		305,000		178,000		127,000
Non-compete agreements		368,000		41,000		327,000		—		—		—
Patents		1,205,000		133,000		1,072,000		—		—		—
Totals	$	17,517,000	$	5,080,000	$	12,437,000	$	5,864,000	$	4,362,000	$	1,502,000

The weighted-average amortization periods (in years) related to other intangible assets are as follows:

	December 31, 2014	December 31, 2013
Customer relationships	10.9	6.1
Trademarks and trade names	—	—
Engineering drawings	9.2	13.1
Licensing	1.2	2.2
Non-compete agreements	3.6	—
Patents	6.1	—
Total	10.1	6.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Amortization expense for each of the next five years and thereafter is estimated to be as follows

2015	$	1,296,000
2016		1,250,000
2017		1,117,000
2018		974,000
2019		941,000
Thereafter		4,824,000
	$	10,402,000