It's a long shot, but is it possible that this company was bought out by
U.J. Ramelson?  The Ramelson company has been in business in Newark since
the late 1930's, and currently manufactures a line of lower end palm and
full-sized carving tools as well as linoleum and graphic arts tools. 
Their tools (particularly the palm tools) are resold under a number of
store lables including the usual suspects, e.g. Woodcraft, etc.

- Mike in Nutley, NJ, jewel of the Newark suburbs :-)