Top Fastener Stories of 2014
FEATURES
FIN Survey: For the third year in a row a solid majority of fastener companies participating in the End of 2013 FIN Survey reported strong results, with widespread sales and profits gains and stable costs.
January 21, 2014 FIN – The FIN Company Performance Index edged up to 6.7 from 6.6 the previous year.
FIN Index: Just days away from the final stock trades of 2014, FIN looks at how the FIN Fastener Stock Index performed throughout the year.
The FINdex declined 7.1% in the third quarter of 2014, compared to a .4% gain by an index of related industrial stocks.
The Q3 loss follows a modest 2.9% FINdex increase in the first half of the year.
Only five of the 20 public companies tracked by the FINdex gained share value during Q3.
Most of the FINdex losses and gains moderated in the first nine months of 2014, with the FINdex dropping 4.4% compared to a 13.6% increase by an index of related industrial stocks.
Eight of the 20 public companies tracked by the FINdex gained share value during first nine months of the year.
The new U.S. Conflict Minerals Regulations can affect the entire supply chain, fastener executives learned in NFDA and Pac-West sessions. Companies are required to disclose their use of minerals originated in the Democratic Republic of the Congo or adjoining countries.
November 3, 2014 FIN – Fastener Suppliers Face Greater Conflict Minerals Scrutiny
March 11, 2014 FIN – Heim: Conflict Minerals Regs Involves Entire Supply Chain
Top Acquisitions
Bossard Acquires Aero-Space Southwest
Arizona-based distributor has branches in California, Washington, Mexico and Hong Kong.
TriMas Completes $360m Allfast Acquisition
“Adding Allfast to our aerospace platform increases our leadership and growth potential in this attractive industry segment.”
Chinese Fastener Company Buying Nedschroef
Shanghai Prime Machinery is reportedly buying Nedschroef to gain “strategic entry into the high-end automotive fasteners business.”
Fastenal Buys Aero Fastener Distributor Av-Tech Ind.
“We feel there is a strong opportunity for our company to continue to grow within the aerospace market,” said Fastenal president Lee Hein.
Fastener-Related Recalls Making News
This year is on track to be the biggest ever for recalls, with the U.S. automotive industry on pace to surpass the record 30.8 million vehicles recalled in 2004.
End of an Era: Bob Kierlin and Steve Slaggie, who co-founded Fastenal in 1967, reached mandatory board retirement age.
Fastener History: 2014 FIN – Fastenal’s Kierlin Retiring: Stock Grew from $9k to $5 Million
Training: Fastener company employees have been traveling to training sessions in Cleveland, Southern California or in connection with association meetings or trade shows. In 2014, the Fastener Training Institute held its first webinar. Less travel in future?
Fastener History: 2014 FIN – FTI & IFI Declare First Training Webinar a Success
The Industrial Fasteners Institute published the 9th edition of its 1,000-page Fasteners Standards text.
Fastener History: 2014 FIN – IFI to Publish 9th Edition of Fastener Standards
Associations: Sharing executive leadership continued in 2014. In 2011, Mid-West Fastener Association executive director Nancy Rich began also managing the Southeastern Fastener Association. In 2012, veteran Pacific-West Fastener Association executive director added management of the National Fastener Distributors Association. In 2014 the process continued with Metropolitan Fastener Distributors Association and the New England Fastener Distributors Association calling on Rich to manage their organizations.
Fastener History: 2014 FIN – Metropolitan Names Rich as Executive Director
In 2014, the Metropolitan Fastener Distributors Association and New England Fastener Distributors Association called on Rich to direct their programs.
• A new association named Young Fastener Professionals is formed.
July 2014: ‘Under 40’ Fastener Industry Group Forms
• The Fastener Industry Coalition and Young Fastener Professionals unveil new “30-Under-30” list.
October 2014: FIC & YFP Name 1st Class of “30-Under-30”
Bay Bridge:
Bay Bridge Leaks Prompt New Fastener Fears
The 25 foot long rods sit in steel sleeves that are filled by moisture-proof grout, covered by a ring of foam and then sealed by caulking.
Bay Bridge Bolts Get ‘Simple, Cut-Rate’ Fix
State agency put the fix in place for 192 rods installed near where the cracking problem first became apparent.
Bridge Officials “Encouraged” By Ongoing Bolt Test Results
“A test of galvanized steel rods like 32 that cracked on the span last year showed that they didn’t fail until they were stressed beyond their rated capacity,” the San Francisco Chronicle reports.
Nickel cost: Rising nickel costs led to higher stainless steel prices. Bruce Wheeler of Star Stainless explains the situation to FIN readers. May 20, 2014 FIN: Rising Nickel Cost = Higher Stainless Steel Fastener Prices
Fastener History: Fastener Industry News marked its 35th anniversary by topping the 500 mark of stories from 1979 through 2014 posted in the Fastener History section of GlobalFastenerNews.com.
Weather: Record low temperatures from January 6 to 9, 2014, led to Midwest fastener companies continuing operating, but with problems shipping.
While Chicago-area fastener companies remained open during the Polar Vortex, when the southeastern U.S. got hit with unaccustomed snow and ice a month later, more companies closed. The followup FIN headline: Fastener Companies Reopen After Storm Closes Much of Southern U.S.
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