Global Fastener News

ACQUISITION: SPS Technologies Acquires Avibank

John Wolz

SPS Technologies announced it has agreed to purchase Burbank, CA-based Avibank Mfg. Inc.
Several European and North American companies have pursued Avibank in the past few years, noted Richard Hagan of New York-based Pinnacle Capital Corporation.
�SPS did what others have been trying to do,� Hagan commented.
SPS was apparently able to pay Milton Berman�s price for Avibank, which was rumored to be more than $100 million.
Avibank manufactures latches, hold-open rods, quick-release pins, structural panel fasteners, self-retaining bolts and expandable fasteners for aerospace markets.
Avibank�s AVK Industrial Products division manufactures threaded inserts for the automotive and industrial markets.
Many Avibank products are proprietary, and the company holds more than 40 active patents.
The SPS announcement described the deal as �another step in the execution of SPS� strategy of acquiring technically sophisticated, strong niche companies, which are extensions of its existing businesses.�
Hagan observed that Avibank provides a double attraction to SPS. It broadens the parent company�s aerospace product range, and AVK�s industrial product line presents SPS with �a package for automotive and industrial customers,� he pointed out.
Avibank�s 1999 sales totaled $77.5 million.
Jenkintown, PA-based SPS manufactures high-strength fastening and assembly systems, superalloys, and magnetic materials. Revenue last year was about $700 million.