Global Fastener News

1993 FIN – Reynolds to be Acquired by Alleghany Ludlum

August 04
00:00 2014

March 19, 1993 FIN – Reynolds Fasteners Inc., Edison, New Jersey, will be getting a new owner, if a letter of intent signed between Reynolds present owner Athlone Industries, Inc., and Alleghany Ludlum Corp. (A-L) results in the acquisition of Athlone by A-L for about $107 million, ($17.50 per share).

Athlone is primarily a producer of stainless steel, comprised of producing groups including Jessop Steel Co., Washington, Pennsylvania (stainless steel plate) and Green River Steel Corp., Owensboro, Kentucky (carbon and alloy bars). The other parts of Athlone are Reynolds Fasteners and a clothing manufacturer. Athlone had sales of $207 million and has approximately 6,008,000 shares of common stock outstanding.
Alleghany Ludlum, Pittsburgh Pennsylvania, is a major producer of stainless steel, silicon electrical steel ad other high technology alloys. The company, headed by Robert P. Bozzone, president and CEO, had sales of $1.04 billion in 1992.

Reynolds Fasteners, one of the largest distributors of imported industrial fasteners in the U.S., stocks and markets more than 5,000 types and sized of bolts, nuts, cap screws, socket cap screws, screws and washers. Products are purchased from as many as 15 countries, including Taiwan, Japan, Germany and the U.S.
Reynolds’ network of distribution centers across the U.S. includes sales offices and stocking warehouses in the Atlanta, Chicago, Cleveland, Detroit, Houston, New York and Tampa areas.
Reynolds, headed by Donald L. Haggerty (who succeeded Richard Gawlick), was founded in 1956 in Greenvale (Long Island), New York and moved from there to Woodbury (Long Island), New York in 1986. In 1988 it relocated to Edison, New Jersey.
A number of companies, according to FIN’s records, have reportedly shown an interest in acquiring Reynolds Fasteners in the recent past, including, among others, Infasco Inc. (see FIN, April 30, 1987), and Pawtucket Fasteners Inc. (see FIN, October 17, 1990).
Reynolds Fasteners, Inc. is headquartered at 120 Clover Place, Raritan Center, Edison, New Jersey, 08837. ©1993/2012 Fastener Industry News.
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