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1989 FIN – SEP of London Buys Precision Socket Screw to Expand American Socket Screw

April 28, 1989 FIN – The parent company of American Socket Screw Mfg. Co, – SEP Industrial Holdings of London, England – has acquired Precision Socket Screw to expand American Socket Screw’s U.S. operations.
Precision Socket Screw will continue to operate out of its Billerica, Massachusetts location as the Eastern division of Wood Dale, Illinois-based American Socket Screw, Tom Rehfield, national sales manager for American told FIN.

Walter Collyer, former majority of Precision Socket Screw, will remain in charge of the Eastern Division.

Earl Schaffnit, vice president of American Socket Screw, told FIN that Precision gives American 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 Precision’s lines.

SEP has maintained a high profile with its intentions to expand in the U.S. since acquiring American Socket Screw in 1988.
Last year SEP established a wholly-owned subsidiary, SEP American Fastener Corp. in Dallas, Texas, to acquire American Socket Screw Mfg. And also Newformed Products.
SEP deputy director Peter Hughes told FIN last year 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.”

SEP, headed by chairman and director Paul M. Formby, is a $40 million industrial fastener concern, overseeing operations which manufacture socket screws, cap screws, wood screws and related products.
Among SEP operations are Clyde Fasteners Ltd. of Scotland, a British Standards Institute quality approved manufacturer which has supplied U.S. distributors for many years.

SEP American is headed by former Newformed part owner Don Holcomb and is headquartered at 1525 Greenview Dr., Grand Prairie, TX 775050.
American Socket Screw is headed by Holcomb as president and is located at 255 Beinoris Dr., Wood Dale, IL 60191. American Socket also operates branches in Dallas, Atlanta and Cleveland. ©1989/2010 Fastener Industry News.