Global Fastener News

1989 FIN – Elco Forms 50/50 Joint Venture with Nagoya

November 14
00:00 2010


July 10, 1989 FIN – Elco Industries of Rockford, Illinois, and Nagoya Screw Manufacturing Co. Ltd. of Japan, have finalized terms to form a 50/50 joint venture to produce high strength engine bolts, which will be supplied to U.S.-based manufacturers of Japanese automobiles.
The joint venture, called Rocknel Fastener, will begin producing the engine bolts this summer in a 50,000 sq ft remodeled Elco facility located in Rockford. The company will initially employ 20 people and expand to 50 within several years.

The formation of Rocknel Fastener is the result of an ongoing relationship between Elco and Nagoya.

Nagoya is a major Japanese producer of automotive fasteners and components headed by president Ken Hayashi.

The relationship began with the signing of a technical agreement in March 1988 and a letter of intent to form the manufacturing operation was signed earlier this year.

Elco president Jack Packard told FIN that he expects annual sales from the venture to reach $10 million within a few years.

The board of directors of the new company will consist of three Elco and three Nagoya representatives.

Rocknel’s top management team consists of Gene Werlich, president, who managed joint ventures in Japan for 18 years for Interlake and SPS Technologies. He will be assisted by vice president Masaki Aizawa, who has an extensive background in designing and manufacturing fasteners.

Elco Industries operates the Precision Forming, Construction Products, Coatings & Finishes, and International Synergy divisions in Rockford and the Precision Stamping division in Logansport, Indiana.

Elco’s wholly-owned subsidiaries include Elco Consumer Products Corp. and Excel International in Rockford; Thermoplastics Inc. in Mishawaka, Indiana; and Anchor Wire Corp. in Goodlettsville, Tennessee.  ©1989/2010 Fastener Industry News

Scroll down for the 1989 story of Elco supplyng large bolts to Ace Hardware.




1989 FIN � Elco Expands Product Lines It Sells to Ace Hardware
May 17, 1989 FIN – Elco Industries Inc., has been named as a large bolt supplier (Grades 2 and 5) for the Ace Hardware chain of hardware stores and home centers.
According to Elco president Jack Packard, the Illinois-based manufacturer has been supplying Ace Hardware with small screw products for 30 years.

The new lines should add about $3 to $4 million in annual sales to it’s consumer business segment beginning in the first quarter of the company’s 1990 fiscal year (beginning July 1st, 1989).

Elco, a manufacturer and supplier of precision metal fasteners and custom engineered metal and plastic components, is headquartered at 1111 Samuelson Rd., Rockford, IL 61125. Tel: (815) 397-5151.  ©1989/2010 Fastener Industry News




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