Global Fastener News

1999 FIN – TransTechnology Acquires Eaton’s Fastener Business

November 21
00:00 2010

 

July 9, 1999 FIN –TransTechnology Corporation announced an agreement to acquire Eaton Corporation ‘s Engineered Fasteners business for $173 million.  The sale is scheduled to close by September 1st.
The Eaton fastener division employs 650 and had 1998 sales from continuing operations of $94 million. The division manufactures a variety of fastening devices for automotive, business equipment, consumer electronics and home appliance markets at facilities in Brunswick and Massillon, OH, and Hamilton, Ontario, Canada.
TransTechnology CEO Michael Berthelot said the Eaton fasteners division’s “well-recognized Tinnerman line of products will become a major component of TransTechnology. Engineered Fasteners will combine with our Palnut fastener operation in Mountainside, NJ, in a newly created Engineered Components division, headquartered in Brunswick, OH, and will coordinate the activities of all four facilities.”

Eaton CEO Stephen Hardis said, “We established as priorities when we made the decision to sell the business that any potential buyer had it have corporate values that were shared by our fastener division employees, and that opportunities needed to be present that would permit this business to continue to grow and prosper. We firmly believe that TransTechnology meets those requirements, and that this transaction is in the ultimate best interest of everyone involved.”

Berthelot said combining of Tinnerman and Palnut brand names will “permit us to introduce a number of new products.”

Eaton announced its intent to sell Engineered Fasteners and its fluid power division in March to offset the cost of the company’s acquisition of Aeroquip-Vickers Inc.

Liberty Corner, NJ-based TransTechnology manufactures fasteners, retaining rings and heavy-duty hose clamps. It produces rivets and externally threaded fasteners for the aerospace industry and specialty machined and cold headed products. Its aerospace group manufactures lifting and restraining products for military and civilian helicopter rescue missions and rods to hold open aircraft engine cowlings. Primary fastener markets are the heavy truck, off-road equipments, automotive, marine, civilian and military aircraft and consumer goods ranging from appliances to computers, toys and photographic equipment.

TransTechnology, which has sales totaling $228 million in 1998, has 1,750 employees at 12 facilities in the U.S. England, Germany and Brazil.

Cleveland, OH-based Eaton manufactures highly engineered products for the industrial, vehicle, construction, commercial aerospace and semiconductor markets. Eaton has 65,000 employees and 215 manufacturing sites in 25 countries. Sales for 1998 totaled $6.6 billion.  ©1999/2010 Fastener Industry News

 

 

 

 

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