8/6/2012 2:22:00 PM
HEADLINES
Hellermann Tyton Expands in the U.S.
Nylon fastener manufacturer Hellermann Tyton Corp. purchased a 92,300-sq ft building in Milwaukee for $3.47 million, according to the Milwaukee Journal Sentinel.
Hellermann Tyton reportedly plans to expand its local operations by adding as many as 50 employees at the new location (6701 W. Good Hope Road). The company also operates at 7930 N. Faulkner Road and 8475 N. 87th St. in Milwaukee.
The Milwaukee Redevelopment Authority may create a tax incremental financing district to help pay for the project, allowing Hellermann to recover $750,000 through property tax rebates.
Milwaukee Economic Development Corp. is providing a $2.75 million loan for the project.
Hellermann Tyton currently has 258 full-time and six part-time employees in the U.S.
The news comes amid reports that UK-based parent company Hellermann Tyton may be put up for sale. The company, owned by buyout firm Doughty Hanson, could be valued at close to £1bn.
Doughty Hanson reportedly has been approached by more than one company expressing interest in Hellermann Tyton, which was acquired by Doughty Hanson in 2006 for close to £300m. ©2012 GlobalFastenerNews.com
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