Global Fastener News

2010 FIN – Fastenal to Buy Holo-Krome from Danaher; No Cuts Expected

May 03
00:00 2013

January 4, 2010 FIN – Fastenal Company agreed to acquire certain assets of socket head screw product manufacturer Holo-Krome. Terms were no disclosed.

Holo-Krome was part of Danaher’s Tool Group, which includes Matco Tools, Jacobs Chuck Mfg., Delta Consolidated Industries, Jacobs Vehicle Systems and Hennessy Industries.
During the first nine months of 2009, sales at Danaher’s Tools & Components segment, including fasteners, fell 21`% to $722.2 million, while operating profit declined 25% to $95.3 million.
Holo-Krome’s 2008 sales total less than 1% of Fastenal’s 2.34 billion in 2008 sales.
“The Holo-Krome brand has been synonymous with quality and reliability for 80 years,” Fastenal CEO Will Oberton commented. “We believe it will be an excellent addition to Fastenal’s expansive product offering and aligns very well with our mission of ‘Growth through Customer Service.'”
Fastenal was quick to tamp down concerns about Holo-Krome’s current distribution network and existing facilities.
Fastenal CFO Dan Florness told Industrial Distribution that Fastenal plans to grow the Holo-Krome business, so the acquisition won’t affect current distributors or force layoffs or facility consolidations.
“They have a great name in the industry, they’ve been around a long time, they have great products, they’re known for their quality and we think it’s a great business to service our customers’ needs,” Florness said.
Cory Jansen, executive vice president of internal operations, will oversee the Holo-Krome business.
Fastenal’s manufacturing division is comprised of five facilities and represents about 5% of overall business.
Holo-Krome adds one facility an about 100 employees to Fastenal.
“This is a great opportunity for Holo-Krome to continue its legacy,” Holo-Krome national sales manager Charles LaBovesaid. “Armed with Fastenal’s deep desire to add investment, we’re looking forward to providing an expanded product offering to serve new and existing customers.”
Founded in 1929, West Hartford, CT-based Holo-Krome manufactures grade 12.9 socket screw products.  Web: holo-krome.com
Winona, MN-based Fastenal operates more than 2,350 stores in all 50 U.S. states; Canadian provinces; Puerto Rico; Mexico; Singapore; Netherlands; Hungary; Malaysia; and China. Fastenal has 14 distribution centers in 10 U.S. states, Canada and Mexico. Web: fastenal.com ©2010/2013 Fastener Industry News.
For information on permission to reuse or reprint this article please e-mail: FIN@GlobalFastenerNews.com

 

Related Links:

• Holo-Krome

• Fastenal

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