Global Fastener News

1979 & 1989 FIN – Emhart, VSI & Black & Decker

February 10
00:00 2010

FASTENER HISTORY

1979 FIN ? Emhart Agrees to Acquire VSI

July 26, 1989 FIN – Black & Decker finalized the $2.8 billion acquisition of Emhart Corp.

Emhart is in the process of closing its Farmington, Connecticut office and has relocated its top management to Black & Decker’s Towson, Maryland, headquarters.

Black & Decker has traditionally supplied hardware and distributor markets and there is some speculation it may look for a buyer for Emhart’s OEM businesses – including Helicoil and Gripco.

June 1, 1989 FIN – Black & Decker has acquired about 95% of Emhart Corp’s outstanding shares and is in the final stages of completing the acquisition for $40 per share, or about $2.8 billion.

The merger will be finalized in July, but the two companies have already taken some measures to reorganize – including relocating of future Emhart executives to Black & Decker’s Towson, Maryland, corporate headquarters.

Under the reorganization Peter Scott, Emhart’s chairman and president, has been named chairman of the board at Black & Decker. Nolan D. Archibald will continue as president and CEO of Black & Decker, but relinquished the chairman title to Scott.
Achim Knust, Emhart’s executive vice president and CFO will hold the same positions at Black & Decker. George M. Sherman, a Black & Decker executive, will be corporate executive vice president and president of the Power Tools & Home Improvement Group.

Richard Campbell, executive vice president for Emhart’s consumer sector, will be group vice president of Black & Decker and president of the Hardware & Home Improvements sector.

Raymond A. DeVita, in charge of Emhart’s industrial sector, will be executive vice president of Black & Decker and president of its new Commercial & Industrial Group.

After management reorganization at Emhart in late 1983, DeVita was given responsibility for Emhart’s fastener operations (Molly, POP, Gripco, Warren, Helicoil and Parker-Kalon.

DeVita told FIN that the merger has not affected fastener operations ad should not in the near future.

July 10, 1989 FIN – Emhart has begun closing down its Farmington, Connecticut, corporate headquarters.

On June 30 the first layoffs took place among the approximately 230 member corporate staff when 90 executives were terminated. Another 40 executives will be leaving at the end of this month and the rest gone by late this year.

The corporate office is up for sale.

About 35 of Emhart’s corporate staff are moving to Black & Decker’s Towson, MD headquarters.

Emhart’s fastener operations include the Parker-Kaylon, Molly POP, Gripco, Helicoil and Warren divisions. ©1989/2010 Fastener Industry News.

Related Links:

• Emhart Teknologies

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