1984 FIN – ITW Sets Up JV in Japan
FASTENER HISTORY
February 16, 1984 FIN – Illinois Tool Works has set up a joint venture with two Japanese firms to make and market metal fasteners in Japan.
The venture, called Nippon Metal Fasteners Co., was capitalized at the yen equivalent of about US$425,000 and will produce specially designed fasteners for construction and auto markets. Partners of ITW, which has a 19% interest, are Nifco Inc. and Nitto Seiko Co.
Going abroad for business is nothing new for ITW, which could more aptly be called International Tool Works.
Outside the U.S. the company, according to FIN’s latest records, has fastener plants in Canada, England, two in West Germany, Italy, Spain, Ireland, Brazil, France, Taiwan, Australia and Japan.
We would estimate that foreign sales (including licensing arrangements) make up about 25% of ITW’s sales.
Fasteners probably accounts for around half of the company’s $500 million per year business (the rest being accounted for by packaging products and components, precision tools, instrumentation, and the Devcon adhesives line.
On the home front, ITW recently reached an agreement to acquire the stock of N.A. Woodworth Co., Fendale, Mich. A manufacturer of work holding device and fixed-limit gages. Woodworth has annual sales of about $25 million and employs about 400 people. Its divisions and subsidiaries include Northwood Manufacturing, Cadillac, Mich.; Indiana Tool Co., Richmond, Indiana; and Southern Gage Co., Erin, Tenn. and Franklin, NY.
ITW is involved in the fastener industry with such operations as Buildex (construction fasteners); Shakeproof (cold heated industrial fasteners) and Fastex (plastic and stamped metal fasteners). Some of the company’s important trade names include Sems, Teks, Sigma, Hi Lo and Ramp Lok. ©1984/2009 Fastener Industry News.
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