ACQUISITION: ITW Acquires Pin Manufacturer Hobbs
ACQUISITION: ITW Acquires Pin Manufacturer Hobbs
John Wolz
Illinois Tool Works Inc. acquired privately owned Hobbs Fasteners Inc. of Worcester, MA.
Hobbs, founded in 1942, manufactures spring pins, cotter pins and dowel pins for commercial and industrial applications.\
Hobbs has been owned by the Wilhelmy family since 1973.
�Joining the ITW organization is a very positive step for Hobbs, particularly for our valued customers and our many loyal employees,� commented president Stephen Wilhelmy. �With the financial and organizational support of our new parent, Hobbs will be better able to compete in a highly competitive marketplace which continues to undergo consolidation.�
Glenview, IL-based ITW manufactures engineered components and industrial systems and has annual sales exceeding $9.3 billion. ITW has more than 500 decentralized operations in 40 countries and employs 52,800 people.
Hobbs becomes an operating unit of ITW Bee Leitzke, an ITW division based in Hustisford, WI.
Richard Hagan, president of New York-based Pinnacle Capital Corp., was financial advisor to Hobbs shareholders.
Hagan described the deal as �a perfect fit. ITW makes the same products. Cotter pin production will shift to Worcester. They have complementary product lines.�
Upon closing, the Hobbs business was moved to a new location, and Bee Leitzke cotter pin equipment is being shipped to Worcester.
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