GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The changes in the carrying amount of goodwill by segment are as follows:

	Consolidated		Tools		Hardware
Balance, January 1, 2015	$	11,980,000	$	10,107,000	$	1,873,000
Adjustment to Acquisition of ATSCO		62,000		62,000		—
Currency translation adjustments		(10,000)		(10,000)		—
Balance, September 30, 2015	$	12,032,000	$	10,159,000	$	1,873,000

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

Other intangible assets were as follows:

	September 30, 2015						December 31, 2014
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	13,192,000	$	5,178,000	$	8,014,000	$	13,194,000	$	4,551,000	$	8,643,000
Trademarks and trade names (1)		2,025,000		—		2,025,000		2,035,000		—		2,035,000
Engineering drawings		410,000		149,000		261,000		410,000		120,000		290,000
Licensing		305,000		279,000		26,000		305,000		235,000		70,000
Non-compete agreements (1)		365,000		112,000		253,000		368,000		41,000		327,000
Patents		1,205,000		333,000		872,000		1,205,000		133,000		1,072,000
Totals	$	17,502,000	$	6,051,000	$	11,451,000	$	17,517,000	$	5,080,000	$	12,437,000

(1)   A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations.

The weighted average amortization period for intangible assets was as follows:

	September 30, 2015		December 31, 2014
Customer relationships		10.2		10.9
Engineering drawings		8.7		9.2
Licensing		0.5		1.2
Non-compete agreements		2.9		3.6
Patents		5.8		6.1

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:

2016	$	1,263,000
2017		1,178,000
2018		981,000
2019		954,000
2020		809,000
Thereafter		4,241,000
Total	$	9,426,000

Amortization expense for intangible assets subject to amortization was as follows:

Three months ended September 30,				Nine months ended September 30,
2015		2014		2015		2014
$	324,000	$	245,000	$	971,000	$	361,000