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1991 FIN – Elco Industries to Consolidate 3 Divisions Into 2 New Groups

August 04
00:00 2015

September 1, 1991 FIN – Elco Industries, Inc., Rockford, Illinois has announced plans (“in order to pursue a more market-oriented orientation”) to reorganize its Precision Forming, Small Diameter, and International divisions (all headquartered in Rockford) into two new divisions.
The new divisions, expected to be in place by early 1992, will be called the Precision Automotive Division and the Precision Commercial Division. Management of these groups will come from the divisions they replace.
The Precision Forming Division, according to FIN’s files, produces  cold formed parts for the auto and industrial markets. The Small Diameter Division makes a lot of the same type products but in other size configurations, selling these to a different customer base. The International Division supplements other manufacturing divisions, sourcing products for its customers that Elco does not make in-house.
As now constituted, Elco operates Precision Forming, Construction Products, (including the recent acquired Bear-Kat Products) Small Diameter, International, and Corporate Synergy divisions in Rockford, Illinois and the Precision Stamping Division in Logansport, Indiana. Wholly-owned subsidiaries include Elco Consumer Products Corp. and Excel International Group, Inc., Rockford, Illinois; Thermoplastics Inc., Mishawaka, Indiana; and Anchor Wire Corporation of Tennessee, Goodlettsville, Tennessee.
For the 12 month fiscal months ended June 30, 1991 Elco had sales of $156,391,000 (up 4% from $150,306,000 in 1990) and a net income of $195,000 or 4 cents per share (compared to $4,819,000 or $1.01 per share in 1990). ©1991/2015 Fastener Industry News.
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