GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2015

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 2015 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
Adjustment to Acquisition of ATSCO		62,000		62,000		—
Currency translation adjustments		(15,000)		(15,000)		—
Balance, December 31, 2015	$	12,027,000	$	10,154,000	$	1,873,000

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

Other intangible assets were as follows:

	December 31, 2015						December 31, 2014
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships(1)	$	13,185,000	$	5,386,000	$	7,799,000	$	13,194,000	$	4,551,000	$	8,643,000
Trademarks and trade names(1)		2,015,000		—		2,015,000		2,035,000		—		2,035,000
Engineering drawings		410,000		159,000		251,000		410,000		120,000		290,000
Licensing		305,000		293,000		12,000		305,000		235,000		70,000
Non-compete agreements(1)		362,000		134,000		228,000		368,000		41,000		327,000
Patents		1,205,000		400,000		805,000		1,205,000		133,000		1,072,000
Totals	$	17,482,000	$	6,372,000	$	11,110,000	$	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 periods (in years) related to other intangible assets are as follows:

	December 31, 2015		December 31, 2014
Customer relationships		10.0		10.9
Trademarks and trade names		—		—
Engineering drawings		8.5		9.2
Licensing		0.3		1.2
Non-compete agreements		2.7		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	$	1,247,000
2017		1,115,000
2018		974,000
2019		940,000
2020		769,000
Thereafter		4,050,000
	$	9,095,000