Global Fastener News

Industrial Holdings Completes Divestiture Sales

John Wolz

Industrial Holdings Inc. announced the sale of three of four subsidiaries that comprise its Engineered Products Group in preparation for T-3 Energy Services investing equity in IHI.\
American Rivet Company was sold to Jebco Screw & Rivet Mfg. Company, and Ideal Products and Orbitform were sold to an investor group operating as Orbitform LLC.
The fourth sale, of the Landreth business back to its original owner, will close by mid-December.
Robert Cone, CEO of IHI, said the net cash proceeds will be used to �further de-leverage our balance sheet,� in anticipation of the IHI merger with T-3 Energy Services before the end of 2001.
Cone said he is �very optimistic about our prospects as a properly capitalized oil and gas services company, which is what we believe the merged IHI and T-3 will represent.�
� Jebco Screw completed the purchase of the assets of American Rivet.
Franklin Park, IL-based American Rivet manufactures solid, semi-tubular and tubular rivets, externally threaded fasteners and other cold-headed special parts. Chicago-based Jebco is a privately held manufacturer of cold-headed specialty fasteners.
Jebco president Matthew O�Connor said the acquisition �expands our product range and adds significantly to the manufacturing capabilities we can offer to customers.�
O�Connor noted that Jebco was outbid by Industrial Holdings in 1996 for American Rivet, �so we are delighted to finally be able to merge� the two.
American Rivet�s management team of Bob Riebel and Tony Riebel �have agreed to remain with the company and we look forward to working closely with these outstanding individuals.�
� Orbitform LLC completed the purchase of assets of Acquisition LP (dba Orbitform) and Ideal Products Inc.
Ideal and Orbitform were wholly owned subsidiaries of the Engineered Products Group of Industrial Holdings Inc. Orbitform LLC is the newly formed owner.
Jackson, MI-based Orbitform manufactures rivet-setting machinery and automated assembly systems for the automotive and industrial markets. Beacon Falls, CT-based Ideal manufactures fabricated metal components for the electrical, automotive, drapery hardware and other industries.
Richard Hagan, president of New York-based Pinnacle Capital Corporation, managed the sales for Industrial Holdings.
Houston-based Industrial Holdings operates three groups: the Energy Group, which remanufactures and sells high-pressure valves, pumps and other related products to the petrochemical, chemical and petroleum refining industries, and the pipeline transportation and storage industries and energy industry; the Stud Bolt & Gasket Group, which manufactures and distributes stud bolts, nuts, gaskets, hoses, fittings and other products primarily to the petrochemical, chemical and oil & gas industries; and the Heavy Fabrication Group, which manufactures and distributes medium- and thick-walled pressure vessels, wind towers, gas turbine casings, heat exchangers, heat panels and other large machined weldments. �2001 FastenerNews.com