Global Fastener News

1985 FIN – Allied Products Sells Pheoll Division

October 29
00:00 2010

 

February 28, 1985 FIN  – Chicago-based Allied Products Corporation has sold its Pheoll Manufacturing Division to the employees of the division.
Pheoll Manufacturing Company, as the new company is called, will be substantially employee owned through an employee stock ownership plan and the sale of stock to employees.

Pheoll will remain at 5700 W. Roosevelt Ave., Chicago, and will use newly approved Industrial Revenue Bonds for renovation and expansion as well as for the purchase of the facility and equipment, according to Stanley C. Adamek, chairman of the company.

The company, founded in 1907, has a 350,000 sq. ft. facility equipped with some 100 headers, rollers, slotters, shavers and other secondary equipment, heat treating and plating.

They produce special cold headed products and proprietary fasteners including Taptite, Plastite, Swageform, Hi-Lo, Torx, Supadric, Square Cone Sems and Sems fasteners.

There are some 500 employees, and the company recorded $20 million in sales last year.

Pheoll was the last fastener concern Allied had direct control over and an Allied spokesperson told FIN that the sale was due in part to pressure from imports.

Allied sold its International Fastener Division to Kay Corporation in 1979; its Accurate Die Stamping Division to a group of private investors in June 1983; its Wolverine Bolt Division to Michigan Rivet in October 1984; and its Sterling Bolt Division to the Global Distribution Network, Inc. in 1984, of which Allied owns 49%.

Allied manufacturers agricultural equipment, transportation products and chemical specialties and is located at 10 South Riverside Plaza Suite 2100, Chicago, IL 60606. ©1985/2010 Fastener Industry News

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