Fastener Acquisitions Kick Into High Gear
2012-07-19 Class:American News
Fastener acquisitions went into overdrive in recent weeks, capping an already strong year of consolidation within the industry.
Stanley Black & Decker occupied center stage in the latest round of acquisitions, buying one prominent company in the U.S., reportedly bidding on another in Singapore, and facing the threat of a union lawsuit in the UK related to the closure of facilities at Tucker Fasteners, which is a part of Emhart Teknologies.
Stanley Black & Decker was a potential bidder for Infastech Ltd., a Singapore-based industrial fastener manufacturer with revenues of more than USD500 million, Reuters reports.
Infastech was formed in August 2010 when Asia Trading Company Ltd. purchased the Avdel and Global Electronics & Commercial divisions of Acument Global Technologies Inc. for an estimated USD350 million. Infastech's corporate headquarters are located in Hong Kong, with global operations managed from Singapore.
No deal has been finalized on that business, but GlobalFastenerNews.com found out that another former Acument business is on the selling block. Ruia Global Fasteners AG, formerly Acument GmbH and Co. KG, is seeking new ownership after filing for bankruptcy, according to a report by German newspaper Westdeutsche Zeitung.
Ruia Global Fasteners was acquired in February 2011 for an undisclosed sum by the Ruia Group, led by entrepreneur Pawan Kumar Ruia. News reports indicate during its brief ownership tenure Ruia Group was unable to inject funds into the company to make it viable.
Neuss, Germany-based Ruia Global Fasteners employs around 1,300 people to manufacture automotive fasteners at four German factories.