Global Fastener News

1988 FIN – Fastener Manufacturers to Benefit From Parent Company Allowances

July 19
00:00 2010

By Dick Callahan

March 7, 1988 FIN – There was a time some years back, when large conglomerates were looking to shed their fastener producing operations, given the poor health of the industry.
Entering an apparently healthier 1988, however, some of these fastener producers will benefit from large releases of capital from their parent companies to upgrade and expand their businesses. Below are two examples of what we’re talking about.

Parker-Kalon, Campbellsville, Kentucky, part of the Emhart Fastening Systems group, will be awarded a sizable amount of money from Emhart Corp., based in Farmington, Connecticut, for continued improvements.
Exact amounts were not broken down by operation, but the company did say that out of $106 million budgeted for capital spending for 1988 (up 13% from the previous year), 53% will go toward improvements in its industrial group of businesses, of which the Fastening Systems Group is part.

John Budd, vice president of Emhart Corp. tells FIN that although Emhart has plans to expand its other business groups to create a new, high tech corporate image, the Fastening Systems Group still is “the most productive and most cash generating part of Emhart’s industrial products group.”

The Emhart Fastening Systems Group includes some well-known names in the industry, such as the Molly Division, the POP Rivet Division, Gripco, Helicoil, and Parker-Kalon.
Parker-Kalon has been the fastest growing but least visible out of these operations, according to Bruce Swing, general manager of the company’s Threaded Fastener division. “Not to take away from the other divisions,” he said. “but Parker-Kalon has experienced double digit compounded growth during the last four years, and that pattern is expected to continue into 1988.

Over the last three years, according to Swing, Emhart has released over $7 million per year for the company to stay ahead in equipment. More is yet to come. Parker-Kalon has and will use the funding during 1988 to continue to upgrade its equipment which is, in many cases, designed in-house.

Parker-Kalon, initially founded about 60 years ago in Clinton, New Jersey, was later relocated to its present location in Campbellsville, Kentucky, in 1964. Emhart acquired the operations in 1976.
The company produces Drill-Kwick self drilling fasteners, Swageform self-tapping fasteners, masonry fasteners and other specials. According to Swing, the company’s major markets have shifted from mostly the auto industry to the distribution, construction metal building, and export markets through the years.

Rivnut Engineered Fasteners, a unit of BF Goodrich Aerospace and Defense Division, will receive funding this year from its parent company for use in its manufacturing facility in Kendallville, Indiana.
The funding is part of an overall BF Goodrich plan to make considerable investments in its aerospace businesses. Funding for these investments will come from of the proceeds from the sale of its interest in Uniroyal Goodrich in 1987.

Patricia A. Johns, newly appointed general manager of the Rivnut operations, tells FIN that the unit will receive “a significant amount” of money to upgrade its equipment because of its recent and anticipated growth.
She also added that the entire Aerospace and Defense Division will be more active in seeking acquisitions and growth opportunities, which may, depending on the opportunity, involve Rivnut.

Rivnut Engineered Fasteners, establishes 50 years ago, was originally establishes to manufacture a type of metal fastener to attach de-icing equipment to aircraft. The company has grown to offer hundreds of Rivnut fastening systems used in the aerospace, defense, automotive, and consumer products industries.

Rivnut is headed by Johns, who was recently named general manager. She has been with BF Goodrich for seven years, her most recent four years with Rivnut. Before being named general manager, she was marketing manager. In her new position she will be responsible for all R&D, engineering, manufacturing, and marketing.

Two others have recently joined the company in management positions. Martin J. Kardish has been named eastern regional sales manager, responsible for sales in the eastern half of the U.S. Also, John G. Hayes has been named as plant manager for Rivnut’s manufacturing facility in Kendallville, Indiana. ©1988/2010 Fastener Industry News

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