John Wolz

MNP Acquires General Fasteners
MNP Corporation acquired General Fasteners Company, with several individuals affiliated with MNP acquiring a majority of General Fasteners stock.\
According to a company statement, the acquisition is for �the purpose of fortifying the position of General Fasteners Company in the marketplace.�
Livonia, MI-based General Fasteners distributes fasteners and industrial products and provides value-added services to multiple industries worldwide.
The agreement culminates several years of cooperative business interests between the two companies. In 1999 MNP and General Fasteners acquired the former Stelco Fasteners, which became GenFast Manufacturing. The Canadian GenFast manufactures automotive fasteners.
This agreement creates a strategic initiative between General Fasteners Company, MNP and GenFast Manufacturing to provide design and engineering, manufacturing, and distribution services to customers. General Fasteners will provide global sourcing and inventory management.
GenFast executive vice president and general manager Terry Campbell is adding similar duties at General Fasteners during the transition.
Branford, Ontario-based GenFast manufactures bolts, screws and solid steel rivets for automotive and industrial applications. GenFast has added SEMS, roll thread after heat treat and parts forming capabilities.
Utica, MI-base MNP manufactures fasteners and processes wire and rod for fastener manufacturers.

Kalnow Re-Acquires National Machinery
Andrew Kalnow announced the Kalnow family purchased the assets of National Machinery Company and is now officially known as National Machinery LLC.
Lenders had shut down the 127-year-old company in December, causing concern among North American fastener manufacturers.
�Everyone at National has been appreciative of the support offered by the cold forming industry,� Kalnow said. �In particular, our customers were very understanding during the short period of time where we were limited to offering only emergency parts and service support.�
The Kalnow family and other stockholders sold National Machinery to Citicorp Venture Capital in 1998. National was shutdown December 28. Kalnow�s offer to back National was rejected, and he sued the majority shareholder, alleging the �closing of NMC was wholly avoidable and resulted entirely from the CVC entities� attempt to improve their own position by squeezing out the minority stockholders and forcing the senior lenders to sell their notes to the CVC entities at a steep discount.� Two weeks later Kalnow and CVC reached the buyback agreement.

Valley Fastener Group Formed
Valley Fastener Group LLC has been formed from the purchase of 26-year-old Valley Rivet Company.
The investors include the Valley management team of CEO Bill Jesse, sales & marketing vice president Hal Stetson, CFO Tim Bowers and national sales manager Harold Stetson Sr.
Valley Fastener consists of the Valley Rivet, North Coast Rivet and Forgo Fasteners cold-headed specials division. �2002 FastenerNews.com