8/18/2014 12:43:00 AM
HEADLINES
ITW Relocating GRK Fasteners to U.S.
Ontario-based GRK Fasteners will be relocated to the U.S. by the end of 2014, CBC News reports.
Based in Thunder Bay, the construction fastener manufacturer employs about 40 people.
“Uli Walther and his family came from Germany to start GRK’s Canadian operations in 1990,” writes Nicole Ireland of CBC News. “Walther sold the company to ITW Construction Canada in 2011, under the condition that the new owners would not move it out of Thunder Bay for at least three years.”
Walther told CBC News discussions when the deal was made led him to believe the company would likely stay in Thunder Bay.
“I am saddened, truly saddened, that this is happening,” he said. “This was not the plan.”
Walther, who continued as president of GRK Fasteners after the sale, retired last April. He said the business has been “very profitable” and that sales had increased since 2011.
ITW said the decision to relocate GRK Fasteners was made after considerable analysis of global fastener capacity and market demand.
The corporation added that while the decision was difficult, the relocation will enhance the long-term competitiveness of the brand.
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Related Links:
• ITW
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