King Machine Tools, maker of the King brand of mechanical tools, announced it would be closing its doors at the end of the year.
The company had sold 2,000 machines over the last year and announced last month that it would discontinue production.
The move comes after a year of steady growth.
The brand had been gaining momentum over the past year and was the number one seller in the UK and the US.
It was also the company’s third largest brand, with sales up 20% year-on-year.
The maker’s shares were down around 4% in after-hours trading on Tuesday.
King Machine Machines, a unit of U.S. giant King, was founded in 1968.
Its primary focus is mechanical tools and parts.
The King brand has sold more than 10 million machines in the U.K. alone.
Its online store is stocked with nearly 300,000 different types of mechanical products.
It also offers a variety of other products, including computer parts and power tools.
The last King machine was sold in January, when it sold out of all its machines.
King is known for its affordable prices, which makes it a popular choice for those looking for a quality tool for a low price.
Keyword:King Machine Tools will close in 2018, the company announced.
King said in a statement it was taking a “strategic decision to focus on our core business and focus on its strong brand”.
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