5/30/2012 1:16:00 AM
NEWS BRIEFS
Report: Stanley Black & Decker Eyes Bid for Infastech
Infastech History
Infastech was formed in August 2010 when Asia Trading Company Ltd. purchased the Avdel and Global Electronics & Commercial divisions of Acument Global Technologies Inc. for an undisclosed sum.
The London-based Avdel division manufactures and markets blind rivets for industrial applications.
The GEC division, based in Singapore, manufactures and markets fastener products for electronics, construction, automotive, industrial and commercial applications.
The operations sold by Acument include six manufacturing plants located in the U.S., UK, China, India, Taiwan and Malaysia.
The principal brand names included in the sale were Avdel and Elco, along with their associated product lines and trademarks.
Following the transaction closing, Asia Trading Company was renamed Infastech Limited. ©2012 GlobalFastenerNews.com
Stanley Black & Decker is a potential bidder for Infastech Ltd., a Singapore-based industrial fastener manufacturer with revenues of more than $500 million, Reuters reports.
Infastech owners CVC Capital Partners and Standard Chartered’s private equity arm reportedly have hired Bank of America and Goldman Sachs to sell the business. CVC acquired Infastech in 2010 for about $350 million-$400 million.
Infastech employs 2,200 workers to supply fasteners to the electronics, automotive, construction and aerospace sectors. Infastech has operations, sales, distribution and engineering capabilities in Australia, China, Hong Kong, India, Japan, Malaysia, North & South America, Singapore, South Korea, Taiwan, Thailand, United Kingdom and throughout Europe.
Infastech’s corporate headquarters are located in Hong Kong with global operations managed from Singapore. Web: infastech.com
First-round bids for Infastech are due on May 30.
“Pan-Asia buyout fund Unitas Capital is among the other interested parties who have been working with banks to buy the company,” according to Reuters. Unitas was among three private equity bidders for the Infastech assets in 2010, known at that time as Acument Global Technologies.
CVC outbid KKR & Co LP for the assets in 2010, backed by a $190 million loan financing from seven banks.
Stanley Black & Decker’s Engineered Fastening division achieved its ninth consecutive quarter of double-digit sales growth as organic revenues increased 10% during the opening quarter of 2012, outpacing global light vehicle production, which grew 4%.
The $900 million Engineered Fastening business, which largely operates under the Emhart brand, grew 13% in 2011, compared to the 3% growth of global light vehicle automotive production, due to new products and increased customer platform penetration, which resulted in strong market share gains,” the company stated in its annual report.
Emhart Teknologies has more than 2,500 employees in 39 operating facilities worldwide. Principal fastener facilities are located in Danbury, CT; Montpelier, IN; Campbellsville and Hopkinsville, KY; Chesterfield, MI; Birmingham, England; Giessen, Germany; and Toyohashi, Japan. Web: emhart.com ©2012 GlobalFastenerNews.com
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