Global Fastener News

1984 FIN – Northwest Sells Microdot to Investor Group

January 01
00:00 2014

January 5, 1984 FIN – The Microdot Inc. unit of Northwest Industries Inc. has been sold for $121 million to a group of investors headed by Richard P. Strubel.

Strubel had been president of Northwest Industries.
Microdot makes fasteners, connecting devices and ingot moulds among other things.
Ben W. Heidemann, 69, will remain chairman and chief executive officer of Northwest Industries for at least three years and William Howard Beasley III, 37, will be president (succeeding Strubel, 44) as well as chief operation officer, a newly created post.
It has not been announced yet, but we believe that Lawrence Blackmon, who has been president of Microdot Inc., will move up to chairman and that Stubel will be chief executive officer.
Microdot, which became a part of Northwest Industries in 1976 (which acted as a white knight to ward off a takeover bid by General Cable) has 4,000 employees at 29 manufacturing plants.
In the fastener business Microdot’s activities are concentrated n the Micdrodot Fastening Systems Group, headquartered in Troy, Michigan and headed by Bernard Rethore, president.
Microdot’s Fastening Systems Group is comprised of three divisions: Microdot Aerospace Fastening System (Kaynar, Microdot Inserts and Mercury Aerospace, all in California); Special Components Division (Eerlock Charlotte and Wittek Mfg.); and Nut, Screw & Formed Specials Division (Everlock Chicago, Everlock Detroit, Detroit Diamond, International Screw, Greer Smyra and Everlock Taylor).
Microdot got its start making aerospace fasteners in the early 1960s and later picked up two fastener operations from SPS and the plant in France around 1973. In 1974 it got into the automotive and construction business with the acquisition of Central Screw, which made proprietary self-locking and self-threading fasteners.
The Everlock Chicago Division makes lock washers; Greer Smyrna (which was acquired in the late 1960s along with Kaynar) makes mostly prevailing torque fasteners; International Screw makes automotive fasteners; Everlock Chicago produces spring steel nuts (similar to Tinnerman’s); and Kaynar makes aircraft anchor nits.
Microdot with some eight fastener (and related products) manufacturing plants is one of the largest fastener concerns in this country with a strong position in both the aerospace and industrial fastener markets. ©1984/2014 Fastener Industry News
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