Global Fastener News

1996 FIN – Textron Acquires French Fastener Manufacturer

December 05
00:00 2011

April 9, 1996 FIN – Textron Automotive Co. acquired Valois Industries, a French fastener manufacturer. The French firm is a major supplier to PSA/Peugeot-Citroen SA and Renault SA, France’s two automakers.

The price was not officially announced, but analysts put it at about $250 million, including assumption of $130 million of Valois debt, according to Automotive News Europe.

Valois adds $350 million to Textron’s $1 billion fastener division.

The French company has 2,900 employees at 11 factories in France, Germany and Italy. Automotive accounts for 80% of the Valois revenues, with electrical and home appliances making up the remaining 20%.

According to Automotive News, Valois gives Textron nearly half the French automotive fastener market and 15% of Germany’s through the Valois subsidiary, BSK, and Boesner, a $50 million company Textron bought last year.

Textron already owned Avdel, a $240 million British fastening and assembly systems supplier.

Automotive News reported the Valois deal was Textron’s second attempt to buy a major French automotive supplier. Last year Textron failed in a bid to acquire Reydel SA, an interior trim supplier. ©1996/2011 Fastener Industry News

For information on permission to reuse or reprint this article please e-mail: FIN@GlobalFastenerNews.com

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