Global Fastener News

1989 FIN – England’s SEP Acquires Precision Socket Screw of U.S.

May 26
00:00 2009

1989 FIN – England’s SEP Acquires Precision Socket Screw of U.S.

April 28, 1989 FIN – American Socket Screw Mfg. Co, Wood Dale, Illinois, informs FIN that its parent company, SEP Industrial Holdings, of London, England, has acquired another fastener company, which will expand American Socket Screw’s U.S. operations. SEP Industrial Holdings has acquired Precisions Socket Screw, of Billerica, Massachusetts, which will continue to operate at its present location as the Eastern Division of American Socket Screw, according to Tom Rehfield, national sales manager of American Socket Screw.
Walter Collyer, former majority owner of Precision Socket Screw, will remain in charge of the Eastern Division.
Earl Schffnit, vice president of American Socket Screw, explained that by adding Precision Socket Screw’s operations, American Socket Screw now has a base in the eastern market for Precision’s lines of metric and other fasteners, such as carbon steel roll pins, Grade 8 hex cap screws, nylon insert lock nuts, standard set screw shaft collars, and square head set screws. American Socket’s SPline products and other fasteners will be added to Precisions lines. Just to bring you up to speed, in 1988 SEP established a wholly-owned subsidiary, SEP American Fastener Corp. in Dallas, Texas, to acquire American Socket Screw Mfg. and also Newformed products.
At that time, Peter Hughes, deputy director of SEP Industrial Holdings said that “more acquisition news would follow as SEP is aiming to achieve a major market share in the U.S. during the next two years.”
Precision Socket Screw is SEP’s second major acquisition since last September, and it’s our guess that the company will have another acquisition in the works in the near future, most likely to establish a west coast divison. London-based SEP Industrial Holdings, headed by Paul M. Formby, chairman and director, is a $40 million industrial fastener concern, overseeing operations which manufacture socket screws, cap screws, wood screws, and related products.
Among SEP’s operations is Clyde Fasteners Ltd., of Scotland, a British Standards Institute quality approved manufacturer which has supplied U.S. distributors for many years.
SEP American Fastener Corp., headed by Don Holcomb, director (and former part owner of Newformed Products), is headquartered at 1525 Greenview Dr., Grand Prairie (Dallas), TX.
American Socket Screw, which is located at 255 Beinoris Dr., Wood Dale, IL. American Socket Screw also operates branches in Dallas, Texas; Atlanta, Georgia; and Cleveland, Ohio.©1989/2009 Fastener Industry News.
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