‘IN THE NEWS’ with Fastener News Desk the Week of March 6, 2023
Watch now on FastenerTV at YouTube (12:20)
Here’s what’s happening in fastener industry the week of March 6, 2023. Lots of Acquisition activity…The following deals were announced.
Wrought Washer Mfg. announced that they have completed the acquisition of Diversified Tooling Innovations. Wrought Washer is a manufacturer of washers, bushings and spacers in Milwaukee, WI. The acquisition of Diversified Tooling expands and strengthens Wrought Washer’s CNC and tooling capabilities. Diversified Tooling will be operated separately as a wholly owned subsidiary of Wrought Washer.
EFC International Announced that they have acquired St. Louis-based Inventory Sales Company. Financial terms of the deal were not disclosed. ISC was founded in 1972 and is a distributor of Class-C parts with a primary focus on fasteners and strut accessories. The company has a highly reputable and well-established brand and is known for outstanding levels of service through its broad capabilities including vendor managed inventory programs, in-house fabrication, kitting, and a strong sales force. EFC is owned by Frontenac a Chicago based private equity firm.
SPIROL announced the acquisition of Ford Aerospace, based in the United Kingdom. Ford Aerospace was founded in 1910 by Robert Ford, and the family business has most recently been led by the founder’s great-grandson, Chris Ford. The company specializes in manufacturing high precision metal components and sub-assemblies for the aerospace, industrial, and high-technology sectors. SPIROL is a successful, family-owned company with a rich history also closely tied to aviation development. Founded in 1948 SPIROL has grown from a single manufacturing facility in the United States to a global enterprise with manufacturing or distribution locations on four continents and twelve countries across North America, South America, Europe and Asia.
Colony Hardware a leading direct-to-jobsite distributor of construction materials and jobsite supplies, has announced the acquisition of New South Construction Supply a South Carolina-based value-added distributor of rebar, concrete, masonry, waterproofing products, and contractor supplies. With locations throughout North Carolina, South Carolina, Georgia and Florida, New South was founded in 1981 and is among the Southeast’s leading suppliers of construction supplies and building materials for commercial, residential, industrial, waterproofing, restoration, and road-and-bridge contractors. The acquisition represents Colony’s 12th acquisition since partnering with Audax Private Equity in November of 2018.
Economic activity in the manufacturing sector contracted in February for the fourth consecutive month following a 28-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. “The February Manufacturing PMI® registered 47.7 percent, 0.3 percentage point higher than the 47.4 percent recorded in January. Regarding the overall economy, this figure indicates a third month of contraction after a 30-month period of expansion. In the last two months, the Manufacturing PMI® has been at its lowest levels since May 2020, when it registered 43.5 percent.
The Industrial Fasteners Institute Annual Meeting began Sunday and will be happening through March-7th in Napa, CA. For more information about the IFI go to https://indfast.org
PAC-WEST – SPRING DINNER MEETING AND VENDOR SHOWCASE Thursday, March 9, 2023 from 5:00-8:00PM. Dinner meeting includes panel discussion Adapting to the 2023 Fastener Climate. 2023 is bringing new challenges to the fastener industry. Many distributors have high-priced inventory on hand, and replacement costs are falling. Attendees will learn how to prepare and navigate their businesses and maintain a healthy bottom line?
If you’re attending the Pac-West Vendor showcase you won’t want to miss the opportunity to join fastener friends for a fun day of golf at the Pac-West Fastener Associations’ 2023 Mel Kirsner Spring Golf Outing taking place Friday March 10th in La Habra, CA. Proceeds will benefit ANGELS of Old Mission Beach Athletic Club, which promotes and sponsors youth sports as well as educational, philanthropic, and civic activities. Mel was an original member when OMBAC was founded in 1954. For more info go to Pac-West.org
Fastener Fair Global 2023 is set for a strong comeback showcasing technological developments in a fast-moving market. After four years, Fastener Fair Global 2023, the 9th international event dedicated to the fastener and fixing industry, returns to Stuttgart from March 21st – March 23rd . The exhibition represents once again an unmissable opportunity to establish new contacts and build successful business relationships between suppliers, manufacturers, distributors, engineers and other industry professionals from various production and manufacturing sectors looking for fastening technologies. For more information and registration go to https://www.fastenerfairglobal.com/.
The Fastener Training Institute has a scheduled upcoming webinar. Corrosion Resistant Fasteners & Stainless Steel Fastener Specs. The webinar will take place on Thursday, March 23, 2023, 11:00 a.m. to 1:30 p.m. PT The instructor is Carmen Vertullo, Vice President of Business Development at AIM Testing Laboratory. The webinar will address FIGHTING CORROSION IN FASTENING and strategies to combat it, which cost billions of dollars every year. Industrial, transportation, construction, marine and military fastening applications all have specific solutions to the corrosion problem. This webinar will explore the various approaches to corrosion prevention in each of these areas. Brikksen is sponsoring the webinar.
On Thursday, March 23, 2023, NEFDA will host their annual Bowling Party. The party will be held at High Rollers at Foxwood Resort & Casino. Attendees will enjoy Bowling, Dinner & Drinks, Prizes and Fun! For more information go to https://www.nefda.com/events/
Fastener Training Week in Cleveland, OH will take place April 3-7th. The Fastener Training Institute and the Industrial Fasteners Institute (IFI) continue their partnership to present Fastener Training Week — This robust program includes five days of education and plant tours as part of the acclaimed FTI Certified Fastener Specialist™ (CFS) advanced technical training program. After completing this invaluable industry training in a small group environment and passing a final exam, attendees are eligible for the CFS designation. To register and learn more about any of the fastener training events we highlighted go to FastenerTraining.org
Women in the Fastener Industry accepting applications for Margaret Davis Scholarship. Scholarship application submission will offer WIFI Members requesting financial assistance to attend Fastener Fair USA. WIFI honors the memory of Margaret Davis of ISSCO, INC/BTM Manufacturing. Member Applications are due by April 5th, 2023.Apply Now: https://www.fastenerwomen.com/scholarships
Dirk Beveridge of UnleashWD has announced the first human resources event for distributors, designed to challenge traditional thinking on HR and help independent distributors win the war on talent. Registration is now open for the UnleashWD Human Resources Summit for distributors, April 27-28, 2023 in Nashville, Tenn.
Seating is limited for this event be sure to register today to reserve your seat. To Learn more or register at https://events.unleashwd.com/HRSummit
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The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!
If you would like to share your company’s events, news or sponsor an upcoming episode of IN THE NEWS or would like to add to the Fastener Museum me: lisa@fastenernewsdesk.com.
Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.
Until next week, be well, be safe and Keep it Fastenating!
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Fastener Acquisitions, Fastener Association, Fastener News, Fastener News Podcast, Fastener TV, Fastener Training, Fastener Women
