Global Fastener News

1988 FIN – Olympic Strikes JV Deal With China National

February 14
00:00 2013

FASTENER HISTORY
1988 FIN – Olympic Strikes JV Deal With China National

June 9, 1988 FIN – Olympic Fastening Systems Inc., Downey, California, has signed a letter of intent to establish a manufacturing joint venture with the China National-Aero-Technology Import & Export Corp. (CATIC), which calls for the production of aerospace fasteners at a plant to be located in Shenzhen, a special economic zone on the Chinese mainland north of Hong Kong.
As part of the agreement, Olympic has obtained the right to market fasteners outside China for 30 years in exchange for a royalty payment to the venture. CATIC will do the same for the Chinese market.
On the home front, Olympic plans to merge soon with Chalco Industries, a Gardena, California producer of aerospace hydraulic components and form a new group to be called Advanced Aerospace & Industrial Components Inc.
Dennis Modrich, current chairman of Olympic Fastening Systems, will become a chairman and principal owner of the new firm.
Olympic, which produces aerospace fasteners (under the trade name Olympic-Lok), commercial blind rivets (under the trade name Bulb-Lok) and rivet installation equipment, has undergone a number of changes in ownership in management since it was founded in the early 1940’s as the Olympic Screw & Rivet Co., producing fasteners primarily for the wartime aircraft industry. Originally a division of Stronghold Screw Products, the firm later became an independent company before being acquired by Armco Steel Corp. (now Armco, Inc.) in 1967. The name was changed to Olympic Fastening Systems in 1970 and became a part of Armco’s Aerospace and Strategic Materials Group, based in Irvine, California, with manufacturing facilities in Downey and at a newer plant in Vivian, Louisiana.
In 1985 Owens-Corning Fiberglass Corp., Toledo, Ohio, purchased Armco’s Aerospace and Strategic Materials Group for $415 million and Olympic became part of Owens-Corning but not for long.
In September 1986 the Olympic Fastening Systems Inc. was sold to Fastening Systems Acquisitions Corp., a group formed by Dennis A. Modrich, who had been business operations manager at Owens-Corning and James K. Leeg, who was general manager at Olympic. Modrich assumed the post of president. Joseph A. Stugmyer, a 15-year veteran at Olympic, stayed on a chief financial officer and Larry J. Harden assumed the responsibilities as director of sales and marketing.
Olympic Fastening Systems is headquartered at 11445 Dolan Ave., Downey, CA 90241 Tel: (213) 861-7251. ©1988/2013 Fastener Industry News
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