Global Fastener News

1989 FIN – Fastener Enthusiast Broadens Involvement in Fastener Field

November 03
00:00 2009

1989 FIN – Fastener Enthusiast Broadens Involvement in Fastener Field

May 17, 1989 FIN – Four publicly traded companies with significant fastener operations – SPS Technologies, RB&W, Federal-Mogul and Hi-Shear – shared something (more precisely, someone) in common.

We’re referring to Mario Gabelli, 46, a New York money manager who has been touting fastener companies to his clients, resulting in sizable investments in the four companies mentioned above by a number of investment groups which Gabelli heads.

There is a myriad groups making up the house of Gabelli, including: The Gabelli Group, Inc. (TGGI); Gamco Investors, Inc. (GAMCO); Gabelli Funds, Inc. (GFI); Gabelli & Co. Inc.; Gabelli Equity Trust, Inc.; Gabelli Performance Partnership (GPP); Gabelli International, Ltd. (GIL); The Gabelli Asset Fund; Gabelli Securities Inc.; Gabelli Associate Fund; and Gabelli Growth Fund.
In addition, there’s the Lynch Corp., an Indiana corporation, (50.37%) owned by TGGI and its affiliates which is publicly traded on the American Stock Exchange and engages in manufacturing, financial services, and communication franchises.

The Gabelli Group, Inc. (TGGI) can probably be considered the flagship of this fleet of investments and mutual funds companies. Mario Gabelli is chairman, chief executive officer, and chief investment officer of TGGI.
Number two man is Nicholas E.E. De Stefano, who besides being an executive vice president of TGGI, also is chairman, chief executive officer and president of a number of other Gabelli groups.

The last FIN looked at the Schedule 13D’s, Gabelli et al owned approximately 8.7% of the outstanding common shares of Federal-Mogul Corp.; 36% of Hi-Shear Industries, Inc.; 18% of RB&W Corp.; and 25% of SPS Technologies, Inc.

On March 16 of this year, Gabelli & o., Inc. held a “Fastener Symposium” in New York to which a number of fastener company executives were invited to describe to Gabelli’s clients their companies’ positions in the fastener field, the outlook for the markets they serve, their stock price/cost relationships, etc.
The invitees to this symposium included Buell Industries, Elco Industries, Fastenal (a Winona, Wisconsin distributor of fasteners) and SPS Industries (all of whom showed up) as well as no-shows Nortek, Textron and Federal-Mogul.
The above companies obviously hold some interest for Gabelli as possible candidates for future investments. ©1989/2009 Fastener Industry News

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