Global Fastener News

1989 FIN – American Socket Screw Relocating

June 22
00:00 2011

January 31, 1989 FIN – American Socket Screw Mfg. Co., Elk Grove Village, is relocating to a larger facility and also has opened a new branch in the Cleveland area.

Earl Schaffnit, vice president & general manager, tells FIN that the additional space at the new location will allow the company to expand its inventories and develop its bulk sales program. The new facility, which will open on Monday, February 6, is located at 255 Beinoris Dr., Wood Dale, IL 60191. Tel: (312) 860-3585 or (800) 323-6641. Fax#: (312) 860-3597.

American Socket Screw’s new Cleveland branch, also opening February 6, is located at 5281 West 137th St., Brook Park, OH 44142. Tel: (216) 267-8650 or (800) 225-6177. The branch manager is Ted Vaughan,

The expansions at American Socket Screw should come as no surprise. The company’s new owner, British-based SEP Industrial Holdings, which acquired American Socket Screw last fall (see FIN, September 15, 1988) was pretty explicit about “increasing inventories and enlarging and extending the present branch distribution network”, according to Peter Hughes, deputy chairman of SEP Holdings, who also said at that time that “more acquisition news would follow as SEP is aiming to achieve a major market share (in the U.S.) during the next two years.”

SEP, a 20-year-old manufacturer of socket screws, established a wholly-owned subsidiary, SEP American Fastener Corp., in Dallas, Texas, last year. SEP had made its initial entrance into the U.S. market a number of years back by taking a minority interest in Newformed Products Co., which has relocated from Nashville, Tennessee to Dallas.

Newformed is headed by Don Holcomb, who was also named executive vice president of American Socket Screw by SEP. Holcomb is responsible for developing new product areas for American Socket Screw. ©1989/2011 Fastener Industry News

Scroll down for the 1988 SEP acquisition of American Socket Screw news.

 

1988 FIN � England’s SEP Acquires American Socket Screw
September 15, 1988 FIN – SEP Industrial Holdings Plc. of London, England, acquired American Socket Screw of Elk Grove Village, Illinois.  SEP made the acquisition through its wholly-owned subsidiary, SEP American Fastener Corp.

The acquisition created an affiliation between American Socket Screw and Newformed Products, a Nashville, Tennessee-based distributor of socket screws. SEP made its entrance into the U.S. market by financing and taking a minority interest in Newformed.

Don Holcomb has become a partner in Newformed Products.

With respect to its future presence in the American marketplace, Peter Hughes, deputy chairman of SEP Holdings Plc., told FIN that “SEP will be increasing inventories and enlarging and extending the present branch distribution network. Substantial shipments will commence from SEP’s Scottish manufacturing plant beginning this fall.”

SEP will establish its headquarters in Dallas, Texas.

Hughes told FIN “more acquisition news would follow as SEP is aiming to achieve a major market share during the next two years.”

Paul Formby, chairman of SEP Holdings Plc., tells FIN that SEP’s Scottish manufacturing plant – Clyde Fasteners Ltd. – has been manufacturing socket screws for over 20 years. Clyde Fasteners, Formby says, is a British Standards Institute quality approved supplier and has supplied distributors in the U.S. for many years. ©1988/2011 Fastener Industry News

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