Global Fastener News

John Wolz

Lake Erie Screw Corporation will now be officially known as Lake Erie Screw, a Metaldyne company.
The change is part of the 2000 acquisition of Lake Erie parent company MascoTech by an investment group, Heartland Industrial Partners LC. \
Heartland, led by former Reagan budget czar David Stockman, bought controlling interest in publicly held MascoTech Inc.
Heartland formed Metaldyne Corporation as a global designer and supplier of metal formed components, assemblies and modules for the transportation industry.
Metaldyne is a combination of MascoTech, Simpson Industries and Global Metal Technologies Inc.
In addition to Lake Erie, Metaldyne includes former MascoTech companies Cuyahoga Bolt & Screw, Eskay Screw, K-Tech and Monogram Aerospace Fasteners.
Metaldyne employs 9,500 at more than 50 facilities in 11 countries and has revenues in excess of $2 billion. Customers include General Motors, DaimlerChrysler, Ford and New Venture Gear.
�We�re committed to making this a smooth transition for our customers and look forward to bringing them the additional diverse capabilities Metaldyne offers, Lake Erie president Jerry Begue commented.
Begue said Lake Erie still operates as an independent fastener company.
Begue said there is little difference in operating within the privately held Metaldyne Company compared with being part of publicly held MascoTech Inc. �The only transition is to understand the capabilities of Metaldyne.�
�We are now part of a larger private company which is run like a public company,� Begue explained. Metaldyne �acts like a public company� with standard accounting.
Begue is anticipating additional business for Lake Erie from within Metaldyne. Lake Erie can supply cold headed parts for Metaldyne�s subassemblies.
�We�re a very good fit,� Begue said of Lake Erie�s role in Metaldyne.
Stock analysts have speculated since the announcement of the acquisition of MascoTech that Heartland was creating an industrial corporation to eventually take public.
Metaldyne interim president and CEO Tim Leuliette stated that the company will �differentiate itself through technology and innovation.�
Lake Erie was founded in 1946 by John Wasmer Sr. The company began with a pair of National boltmakers to produce cap screws for OEMs in the Midwest.
Over the next 40 years Lake Erie Screw achieved a position of national prominence as a family-run business with the slogan: �One Location, One Family, One Product Line � Equals Excellence.�
In 1986 Lake Erie Screw was sold to Brian Campbell to form TriMas Corporation, which later became part of MascoTech Corporation. Lake Erie Screw opened a second plant in Frankfort, IN, in 1993.
Lake Erie produces hex head cap screws and specialty fasteners. It has more than 500 employees at three plants in Ohio and Indiana. OEM customers include Caterpillar, Delphi Harrison, Paccar and Dana Corporation and distributors General Fasteners, Iowa Industrial and Flexalloy.