Global Fastener News

John Wolz

Fastech Acquires SPS Division
Fastech Inc. acquired the SPS Micros Division of Socket Cap Screws.
Fastech president George Hugues said the SPS Micros Division equipment and tooling augments Fastech�s multi-blow and roll forming capabilities. The increased capacity expands output of tri-lobular, six lobed, captive and high performance thread forming screws.
Founded in 1981, Fastech is a family-owned and operated manufacturer of micro-miniature threaded and headed shapes.
The SPS division fabricated miniature socket, flat and button head cap screws.
Fastech is headquartered at 550 Pine Aire Dr., North Bay Shore, NY 11706. Tel: 631 242-5699 or 877 242-5699 Fax 631 242-5677 E-mail: fastech@fastechincny.com
Allfast Buying TransTechnology�s Aerospace Rivet
TransTechnology Corporation announced it will sell its Aerospace Rivet Manufacturers Corporation subsidiary to Allfast Fastening Systems Inc. for $4 million. The acquisition, subject to due diligence, is expected to close within a few weeks.
TransTechnology previously announced a restructuring program which would take it out of specialty fasteners manufacturing in order to focus on defense and aerospace products. It sold its German retaining ring business earlier this year.
Proceeds have been used to reduce TransTechnology debt.
Liberty Corner, NJ-based TransTechnology has 380 employees at facilities in New Jersey, Connecticut and California. Aerospace products sales totaled $81 million in the last fiscal year.
Allfast, headquartered in the City of Industry, CA, was founded in 1966 as a solid rivet manufacturer, Allfast acquired Olympic blind rivet and installation tooling lines in 1989.
Allfast customers include Boeing, Lockheed and Bombardier.
TransTechnology also announced it has agreed to an extension of its existing forbearance agreements with its senior lending group and its subordinated debt holders from March 27 to early this month.
�The company and its senior and subordinated lenders are in the midst of negotiating a longer-term extension of those agreements and require the additional time,� according to a company statement.
TransTechnology recently completed the sale of 10 acres of land in New Jersey and is seeking to sell three remaining retaining ring operations in the U.S., England and Brazil.
Web: transtechnology.com and allfastinc.com
Lindstrom Acquires Metric Systems
Lindstrom Fastener Group purchased the assets of Beacon, NY-based Metric Systems International Ltd., president Virg Lindstrom announced.
MSI president Fred Marchak will remain with Lindstrom as vice president of the New York facility. Marchak has been in the metric fastener business for 30 years.
Lindstrom said �the addition of MSI to the Lindstrom Fastener Group provides for further expansion into the northeast and mid-Atlantic regions.�
Lindstrom supplies metric fasteners from sales/distribution centers in Minnesota, South Carolina, Chicago and now New York and is headquartered at 2950 100th Crt. NE, Blaine, MN 55449. Tel: 763 780-4200 or 800 328-2430 Fax 763 780-0554 Web: lindfastgrp.com \�2002 FastenerNews.com