2/18/2014 12:51:00 AM
HEADLINES
ACQUISITION: Semblex Acquired By South Korea-Based Jinhap
U.S. fastener manufacturer Semblex Corp. was acquired by South Korea-based Jinhap Company Ltd. in a deal “mandated by U.S. tax regulations.” The transaction closed February 3.
Founded in 1968, Semblex has most recently been privately owned by the Daniel P. Haerther Charitable Trust following the passing of the company’s founder in 2007.
Jinhap supplies fasteners, cold formed and machined special products, and brake hose fittings to the global automotive industry. Like Semblex, Jinhap is a licensee of various value-added fastener products such as Delta PT, Taptite 2000, the TORX PLUSDrive System and MAThread.
“The sale of Semblex, mandated by U.S. tax regulations, follows a comprehensive effort by the Haerther Trust and company management to explore future ownership opportunities that would enable Semblex to continue its current business direction; specifically, supplying value-added products and services to its customers and providing stable, rewarding careers for its employees,” Semblex stated in a press release.
The company added “there are no changes planned to the Semblex organization or to the company’s existing strong relationships with the its bank, suppliers, product licensors, or other strategic alliance partners, including (European fastener company) Agrati Group.”
Founded in 1968 by Daniel Haerther and three employees, Semblex developed into a well-known U.S. cold forming fastener and components manufacturer. Semblex president James Wittersheim was twice chair of the Industrial Fasteners Institute.
The late Jim Taylor spent 28 years with Semblex and was one of the original nine members of the U.S. Public Law Task Force plus moderated industry panels on the U.S. Fastener Quality Act during the 1990s.
In 2011 Italian multinational firm Agrati Group and Semblex announced a global alliance to provide fastener solutions and cold-formed special products for OEM and component suppliers. The alliance was announced as an effort “to combine two supplier teams in order to provide global customers with a single source for technical, quality, and logistics support.” The alliance would provide local engineering support, quality response and sales support to purchasing, as well as “in-country” inventory, material planning, and other logistics support for customer plants in Europe, North America and Asia.
Semblex manufactures for the automotive, RV, appliance, agriculture, power tool, lawn & garden, electronics and medial markets. Major product lines include thread rolling fasteners for metals, thread forming fasteners for light metals, thread forming fasteners for plastics, SEMS assemblies, clinch products and value-added fasteners.
Sembex is located at 199 W. Diversey Ave., Elmhurst, IL 60126. Tel: 630 833-2880 or 800 323-1736 Fax 630 941-8440 Email: sales@semblex.com Web: semblex.com
Founded in 1978, Jinhap is a 100% family-owned company with annual revenues of approximately US$425 million and employment exceeding 1,200 people. The company has four manufacturing plants in South Korea and two plants in China (expanding to four by the end of 2014). Web: jinhap.com ©2014 GlobalFastenerNews.com
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